LONDON, March 16 (Reuters) - Wizz Air’s largest investor Indigo Partners sold about half its stake in the Hungary-based low cost airline to institutional investors, a statement on Tuesday said, raising gross proceeds of around 400 million pounds ($553 million).
The sale, first announced on Monday, was carried out via an accelerated bookbuild process at a price of 5,200 pence per placing share. The shares closed at 5,505 pence on Monday.
Following completion of the placing, expected on March 18, private equity firm Indigo will continue to hold 7,300,000 million shares in Wizz.
$1 = 0.7231 pounds Reporting by Sarah Young; Editing by Kate Holton