Shares of Helios Towers PLC (LON: HTWS) fell more than 12% on Friday on news that Millicom subsidiary sold a part of its stake in the company.
Citigroup announced that Millicom Holding BV, a unit of Millicom International Cellular SA, sold a 5.2% stake in Helios in an accelerated book-building process.
According to the statement, Millicom sold 52 million shares at a price of 155p in exchange for 80.6 million pounds. Once the transaction is completed, Millicom will own another 76.5 million shares, which represents a 7.6% stake.
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The transaction is expected to close on Tuesday while Helios Towers will not receive any proceeds from the placing, according to Citigroup, who is acting as a broker together with JP Morgan.
Helios share price now trades at 155p or 11.63% in the red on a day to erase gains made in the past 5 weeks.
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