Galderma Backers Lead $4.27 Billion Europe Stock Sale Rush
(Bloomberg) — A trio of shareholders in Galderma Group AG spearheaded a flurry of stock sales involving European companies that raised more than $4.27 billion combined.
Private equity group EQT AB, Abu Dhabi Investment Authority and Auba Investment Pte sold an 8% stake in the Swiss skincare giant in an overnight placement, according to terms seen by Bloomberg. They join British American Tobacco Plc, which sold a 2.5% stake in India’s ITC Ltd.
Elsewhere, Casa Grande de Cartagena — a vehicle for Ferrovial SE’s founding Del Pino family — offered around 6 million shares in the Spanish infrastructure group, while Uniqa Insurance Group AG marketed a 1.5% holding in Austrian construction company Strabag SE, according to deal terms.
The deals bode well for the ability of private equity firms to free up cash, especially given a sharp drop in fundraising this year.
The transactions are already set to make this week the biggest for sales of existing shares in Europe since March 17, according to data compiled by Bloomberg. Dealmaking activity slowed to a crawl not long after, amid tariff-induced volatility and selling restrictions ahead of first-quarter earnings.
They come after President Donald Trump dialed back threats to impose higher levies on imports from the European Union over the weekend, causing European stocks to rise.
Galderma’s backers stand to raise about 1.86 billion Swiss francs ($2.3 billion) in what would be their largest such placing since the company went public last year, the terms showed. The sellers increased the offering after attracting strong demand from investors, with Galderma planning to buy back a portion of the shares.
The stock slid as much as 3.4% in Wednesday morning trading, dropping as low as 101.3 Swiss francs apiece.
Meanwhile, Lucky Strike maker BAT offered as many as 313 million ITC shares at 413 rupees ($4.83) each, generating proceeds of about $1.5 billion.
Uniqa sold about 1.8 million shares of Strabag for €77.67 ($87.82) apiece. The stock slid nearly 10% in Wednesday morning trading, hitting as low as €77.70. Meanwhile, Ferrovial’s Del Pino family raised around €271.7 million from their stake sale, according to terms. Ferrovial shares dipped as much as 4.4% to €44.40.
European exchanges have seen more than $30 billion raised through selldowns so far this year, according to data compiled by Bloomberg, with elevated share prices helping to fuel the barrage of deals.
–With assistance from Bre Bradham.
(Updates with latest deal terms and stock reactions throughout.)
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