Antler sells 21.5m shares in Baltic Classifieds in placing

Antler, which is controlled by funds advised by Apax, has sold 21.5m shares in Baltic Classifieds Group in a placing, raising gross proceeds of £47.3m.

The shares, which represent 4.4% of Baltic’s issued ordinary share capital, were sold at 220p each. This is a 7.7% discount to the closing share price on Tuesday.

Antler had originally planned to sell 13m shares, but the placing size was increased "on the back of strong deal momentum".

Following settlement of the placing, which is expected to take place on Friday, Antler will continue to hold about 26.6% of BCG's ordinary shares.

BofA Securities acted as sole global coordinator in connection with the placing.