Avast shares slump as Sybil Holdings sells off 10% stake
Cybersecurity provider Avast was under the cosh on Wednesday after Sybil Holdings placed 95.4m shares in the company at 284p each.
Avast
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FTSE 250
19,593.69
16:05 25/04/24
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FTSE 350
4,428.93
16:05 25/04/24
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FTSE All-Share
4,382.75
16:05 25/04/24
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Software & Computer Services
2,390.20
16:05 25/04/24
-0.93%
-22.32
The placing, for which UBS acted as sole bookrunner, comes just two weeks after Avast announced that chief executive Vince Steckler was planning to retire this June after 10 years with the group.
The £271m sale represents a stake of about 10% and will leave Sybil Holdings with a 12.7% interest in Avast.
The company said on 13 March that Ondrej Vlcek, the current president of the consumer business, would succeed Steckler.
At 0910 GMT, the shares were down 5.5% at 280.35p.