The trade has not printed yet – but we are told it will do so later on Tuesday.

TPG, the US private equity house,  is rumoured to have sold its remaining 9.3 per cent stake in Debenhams — that’s 120m shares. Bank of America Merrill Lynch is said to have done the business, placing the stock at around 81.6p.

The sale effectively clears the last of the private equity overhang from Debenhams. CVC Capital, the retailer’s other pre-flotation backer, sold most of its stake back in June when Debenhams launched a £323m cash call.

But that’s not all. The stake has gone to one, mystery buyer, according to traders. Which probably explains why shares in Debenhams are now heading higher. Latest price is up 2.65p at 84.25.

Related link:
Debenhams raises £323m to cut debt pile – FT

This entry was posted by Neil Hume on Tuesday, October 27th, 2009 at 14:49 and is filed under Capital markets, M&A. Tagged with CVC capital, debenhams, John Lovering, Texas pacific, tpg. Edit this entry.