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GC Asia
Cerberus out of Bawag after lock-up waived early
Cerberus Capital Management has sold the last of its stake in Austrian bank Bawag, its second trade in two months following an earlier sale in November.
The placing in Vienna, led by Citi, Goldman Sachs and JP Morgan, marks the end of the private equity house’s 12 year association with the bank.
The 7.1m shares were sold at €35.25 each, a 2% discount to the closing price of €35.98, raising €252m for Cerberus.
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