– The company successfully completed the market sale of 4.2 million shares of the French multinational Nexans, in a transaction valued at US$367 million.

– After the sale, Invexans Limited and its related companies would remain reference shareholders of Nexans with an interest of 19.2% and with an active representation on the company’s board of directors.

– “This transaction allows us to adjust our position in Nexans, diversifying our portfolio and make new strategic investments. We remain confident in Nexans’s long term value and in the vision and leadership of its management”, said Lucie Guarello, executive director of Invexans Limited.

April 5, 2023. Invexans Limited, a subsidiary of Chilean Quiñenco S.A., informed this morning that it completed the sale of 4,203,638 shares of the French multinational Nexans, equivalent to 9.6% of the company’s share capital.

The transaction was carried out through a private placement to institutional investors by way of an accelerated book building offering, and reached a price of €80 per share, for total proceeds of US$367 million.

According to Lucie Guarello, Executive Director of Invexans Limited, the main objective of this transaction is freeing up resources for new strategic investments. “This transaction allows us to adjust our position in Nexans, diversifying our portfolio and make new strategic investments. We remain confident in Nexans’s long term value and in the vision and leadership of its management”, Guarello said.

Once the sale is completed, Quiñenco’s subsidiaries will have a remaining interest in the French cable and electrification company of 19.2%, so they would continue to be reference shareholders. In addition, a 180-day lock-up period was granted to the Banks.

The transaction was carried out through a private placement to institutional investors by way of an accelerated book building offering, with Goldman Sachs International, Morgan Stanley and Société Générale acting as joint global coordinators and joint bookrunners of the placement. Lazard, meanwhile, acted as financial advisor to Invexans Limited.

Quiñenco’s subsidiary preliminarily estimated that this transaction will generate a positive pre-tax financial net effect of approximately US$148 million.