US asset manager Waddell Reed sold its stake in the Macau casino operator Sands China on Wednesday, raising $1.4 billion in an accelerated block trade on the Hong Kong stock exchange.
Some 192.6 million shares were priced at HK$55.45 $7.15 per unit, a 4.8% discount to their May 27 close of HK$58.25 and towards the lower end of its initial HK$55.27 to HK$55.90 price range.
Bank of America Merrill Lynch acted as sole bookrunner on the deal as Waddell Reed reshuffled its global portfolio by simultaneously purchasing 16.9 million shares in Las Vegas Sands, Sands China’s parent company.
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