The American fund Indigo Partners, the largest shareholder of the low-cost airline Wizz Air, sold 10.7 million ordinary shares for the sum of 249 million GBP, at a price of 2,320 pence per share.
The announcement comes one day after Indigo announced its intention to sell the 18.7% stake it held in Wizz Air.
After the sale of the shares, Indigo will no longer hold any ordinary shares, but will have 44.83 million convertible shares into over 24 million new ordinary shares. Indigo will not sell other Wizz Air shares in the next three months.
Indigo Partners, based in Phoenix, Arizona, is an investment fund led by Bill Franke, a veteran of investments in low-cost companies.
The airline Wizz Air recorded a record profit of 246 million EUR in the fiscal year ended March 31, 2017, an increase of 28% compared to the previous year and transported 23.8 million passengers.
Source: Economica
Frequently Asked Questions
Who is Indigo Partners?
Indigo Partners is a Phoenix-based private equity firm led by Bill Franke, specializing in investments within the low-cost airline sector.
How many shares did Indigo Partners sell in Wizz Air?
Indigo Partners sold 10.7 million ordinary shares for approximately £249 million, representing a significant portion of its stake.
What was Wizz Air’s financial performance in the 2017 fiscal year?
Wizz Air reported a record profit of €246 million, a 28% increase year-over-year, while carrying 23.8 million passengers.