Arora family to sell B&M shares worth £238m

The investment vehicle of the Arora family, which controls Liverpool-based B&M European Value Retail, announced on Thursday its intention to sell 40 million ordinary shares of B&M worth about £238 million at current prices.

B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London, where its stock is trading around £5.97 to give the firm a current stock market value of around £6 billion.

Bookrunner Goldman Sachs said in a stock exchange statement late on Thursday: “SSA Investments, the Arora family investment vehicle, announce today their intention to sell approximately 40 million ordinary shares of B&M by way of an accelerated bookbuild to institutional investors.

“The placing shares represent approximately 4.0% of B&M’s issued share capital.

The seller currently owns directly and indirectly 109.9 million ordinary shares representing approximately 11.0% of B&M’s issued share capital.

“Following the completion of the placing (assuming all placing shares are sold), the seller will own 69.9 million shares in B&M, representing approximately 7.0% of B&M’s issued share capital.

Goldman Sachs Internationa is acting as sole bookrunner in connection with the placing.

“N. M. Rothschild & Sons Limited is acting as the sole financial adviser to the seller on the placing.

 “The price per placing share will be determined by way of an accelerated bookbuilding process to institutional investors … 

“SSA Investments has undertaken that, without the prior written consent of the Bookrunner and subject to certain customary exceptions, it will not dispose of any further B&M shares for a period of 180 days following completion of the placing.

B&M will not receive any proceeds from the placing.”