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LONDON, March 10 (Reuters) - JCDecaux Holding, the holding company of the Decaux family, is to sell 12 million shares in JCDecaux in an accelerated bookbuild, the firm said on Tuesday.
A price range of 31.5-33 euros a share has been set for the sale, a source familiar with the matter said, valuing the stake at up to 396 million euros ($424.4 million) at the top of the range.
The sale represents around 5.4 pct of the world’s biggest outdoor advertising business, and is being run by Goldman Sachs .
The offering will boost the free float of JCDecaux to around 34.2 percent of share capital. Following the transaction, the holding company will own 64.5 percent of share capital in JCDecaux.
“JCDecaux Holding intends to maintain its stake in the share capital of JCDecaux S.A. at this level on a long-term basis,” the firm said in a statement. ($1 = 0.9332 Euros) (Reporting by Freya Berry; editing by Pamela Barbaglia)