Thursday February 12, 11:02 AM
UPDATE 1-France's Faiveley falls as Sagard sells stake
LONDON, Feb 12 (Reuters) - Sagard Private Equity Partners said on Thursday it was selling its entire 8.1 percent stake in French railway systems supplier Faiveley SA (Paris: FR0000053142 - news) .
Shares in Faiveley, the world's third-biggest high-tech rail systems supplier, were down 5.6 percent at 49.9 euros 1010 GMT.
The shares are being sold in a private placement to institutional investors by HSBC (LSE: HSBA.L - news) .
Following a reshuffling of Faiveley's shareholding structure last year, Sagard exchanged shares in subsidiary Faiveley Transport for shares in the parent and cash. Sagard is free to sell its stake at any time, while managers who took 4.9 percent in the firm agreed to a lock-up period of two to three years.
The deal values the minorities at 369.8 million euros, of which 286.5 million will be paid in cash by Faiveley.
(Reporting by Daisy Ku and Simon Meads, editing by Will Waterman) Keywords: SAGARD/FAIVELEY
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