Apax Partners sells 27m shares in Baltic Classifieds in placing

Apax Partners has sold 27m shares in Baltic Classifieds in a placing, according to a filing by Merrill Lynch International.

The shares, which represent a stake of around 5.5%, were sold at 223p each, raising gross proceeds of approximately £60.2m.

The placing was originally meant to be 21.5m shares but was upsized by about 25% "on the back of strong deal momentum", Merrill said.

Following settlement of the placing, which is expected to take place on 13 May, Apax Partners will continue to hold about 21.1% of BCG's ordinary shares.

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

BCG is not a party to the placing and will not receive any proceeds.