June 26, 2008

Baugur Sells Stake in Booker

Investment group Baugur has sold its 31.4% stake in Booker, a cash and carry operator. The stake sale raised about GBP102.7 million.

The Telegraph quoted a Baugur spokesperson as saying: "Now's the right time for us to get out, we've got a retail focus and Booker is a wholesaler."

A total of 43.7% of the company's shares are now under the control of institutional investors. Earlier, they owned only 23.7%. This is understood to make it easy for the company to achieve its goal of trading on the main London Stock Exchange rather than the Alternative Investment Market.

Kaupthing Capital Partners, which has purchased 22% of Broker, has agreed to not sell its stake for the next one year.