Bain and Advent sell stake in Worldpay

Ship Global 2 & Cy S.C.A., a company jointly owned by funds managed by private equity groups Advent International Corporation and Bain Capital, has sold 275m ordinary shares in payments processor Worldpay at 269p each.

Following completion of the placing, which represented a 12.5% stake and raised around £740m, Ship Global will hold just over 564m shares in Worldpay, or around 28.2%.

Any of the company's ordinary shares held by Ship Global 2 which are not sold in the placing will be subject to a 90-day lock-up.

Barclays, Goldman Sachs International, Merrill Lynch International and Morgan Stanley & Co International acted as joint bookrunners in connection with the placing.

At 0828 BST, Worldpay shares were down 2.8% to 274.90p.