Technicolor sells shares to Vector
Media and entertainment technologist Technicolor is to start selling as much as €191 million worth of new shares to equity fund Vector Capital Group on July 16th to raise cash to reduce its debt.
The capital increase, in which Vector will receive 18 per cent to 29.94 per cent of Technicolor’s equity, was approved in late June by Technicolor’s shareholders after a bidding war between Vector and US bank JPMorgan Chase & Co.
The operation will be carried out through two capital increases. The first, reserved to the equity fund, will see Vector pay €2 per share, and a second one, to open July 18th and close August 2nd, in which Vector has the right to buy as much as 75 per cent of the shares put for sale at €1.56 a share, Technicolor said.