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U.S. buyout firm Warburg Pincus to cut Poundland stake

Reuters - UK Focus

LONDON, Feb 10 (Reuters) - U.S. buyout group Warburg Pincus said on Tuesday it plans to cut its 30.4 percent stake in British discount retailer Poundland by one third.

The disposal will be through a placing of about 25 million Poundland shares to institutional investors, leaving Warburg Pincus with about 51 million shares, or about 20.4 percent of Poundland's equity.

Joint bookrunners are JP Morgan Cazenove and Credit Suisse (NYSE: CS - news) .

Shares (Berlin: DI6.BE - news) in Poundland, which listed at 300 pence in March last year, closed Monday at 419 pence.

Last Friday Poundland announced the proposed acquisition of smaller rival 99p Stores Ltd, subject to the approval of the competition authorities.

"Warburg Pincus remains a significant and supportive shareholder of the company, its management team and strategy," it said. (Reporting by James Davey, editing by Sarah Young.)