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The float ended up being repriced to $1.70 a share, with Apollo and CIMIC retaining a combined 65 per cent of Ventia to a February 2023 escrow.
While the vendors have had to wait longer than they would have expected to sell down, they’ve been able to sell at a much higher price including $400 million at $2.65 a share on Friday, $300 million at $2.42 a share in May, and about $400 million at $2.15 in March.
JPMorgan and Barrenjoey handled all three trades.
They could have another one by year-end. Apollo and CIMIC’s voluntary escrows for their remaining 11.7 per cent of Ventia expire on November 18.
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