Sybil Holdings sells off entire Avast stake

Avast shares fell on Wednesday after Sybil Holdings sold off its entire 12.4% stake in the cybersecurity company.

Jefferies International acted as sole global coordinator and sole bookrunner on the placing, selling 120.9 million shares at 367p each.

Avast will not receive any proceeds from the placing, which is expected to settle on Friday.

Sybil is owned by funds advised by affiliates of CVC Capital Partners Advisory Co Luxembourg SARL.

At 0815 BST, Avast shares were down 4% at 370.80p.