Feb 29 (Reuters) - Private equity firm Ray Investment plans to reduce its majority stake in French electrical materials supplier Rexel through an accelerated bookbuilding to institutional investors, it said in a statement on Wednesday.
Ray said it intends to sell 30 million Rexel shares, or about 11.2 percent of the company. Rexel has a market value of some 4.4 billion euros ($5.9 billion).
Ray will retain a stake of about 59.6 percent in Rexel after the transaction, while the company's freefloat will increase to 38 percent from 26.8 percent, it said.
"Ray Investment intends to remain an active and strongly committed shareholder of Rexel, by continuing to support its development as it has done since its acquisition of Rexel in 2005 and since Rexel's IPO in 2007," Ray said.
"Ray Investment reiterates its confidence in Rexel's management and remains enthusiastic about Rexel's robust business model and growth prospects."
Ray Investment is owned by funds controlled by Clayton, Dubilier & Rice, Eurazeo, BAML Capital Partners and Caisse de Depot et Placement du Quebec.
Deutsche Bank is acting as placing agent and sole bookrunner in relation to the offering. Rothschild is acting as financial advisor to Ray Investment in the transaction.