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UPDATE 1-Top Wizz Air shareholder to sell up to 400 mln pounds worth of stock

(Adds details on share sale, background)

March 15 (Reuters) - Wizz Air’s largest shareholder, Indigo Partners LLC, is planning to sell up to 400 million pounds ($555.56 million) worth of shares in the Hungarian low-cost airline, Barclays Bank said on Monday.

Private Equity firm Indigo Partners owns 15 million shares, or a 17.5% stake, in Wizz Air as of Monday, said the bank, which is acting as the global coordinator on the deal.

Based on the last closing price of Wizz Air shares, Indigo Partners’ stake in the airline amounts to about 825 million pounds.

Airlines and travel companies are desperate for a vaccine-led summer recovery after the COVID-19 pandemic wiped out most of their revenues for close to a year.

The emergence of new variants of the coronavirus has also put pressure on the industry, with passenger numbers at Wizz Air plunging 87% from a year earlier in February.

Barclays said on Monday the share sale would be done through an accelerated bookbuild offering that starts immediately.

Wizz Air did not immediately respond to a request for comment.

$1 = 0.7200 pounds Reporting by Jasmine I S in Bengaluru; Editing by Aditya Soni

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