Global aerospace and defense contractor Airbus Group will sell its 23.6 percent stake in Dassault Aviation and use money from the stock sales for “general corporate purposes, “ the Wall Street Journal reported Thursday.
Robert Wall writes Airbus aims to shed 9.05 percent of its total ownership in Dassault through an accelerated bookbuild process and sell another 5.5 percent, or 502, 282 shares, back to the French aircraft manufacturer.
The Dutch company will dispose of the remaining stake via an estimated $1.13 billion placement of bonds meant to be exchangeable into Dassault shares through 2021,  according to a Bloomberg report published Friday.
Bloomberg estimates the stock sale transactions will help Airbus raise about $2.4 billion.
The report said Airbus has gradually sold its original 46 percent holding in the family-controlled manufacturer of combat and business jets since 2014.
Rothschild & Co. will act as the financial adviser to Airbus on the deal while Bank of America, BNP Paribas, Deutsche Bank, Goldman Sachs Group and JP Morgan Chase & Co. will manage the sales for Airbus.
