D’Ieteren has announced plans to sell up to a large minority of shares in its company Belron. The sale will be handled by Goldman Sachs and JP Morgan. The move is said to be an effort by D’Ieteren to diversify its holdings. Belron, which is the parent company of Safelite Group in the United States, is believed to account for approximately 70 percent of D’Ieteren’s holdings.
“A partial sale of Belron shares to a minority partner would allow D’Ieteren to broaden its activities and pursue its long term strategy which aims to invest in other activities with high growth potential,” said a release issued by the company moments ago.
Belron management is supportive of the move. “We felt it would be a good idea to have another investor,” Belron CEO Gary Lubner told AGRR/glassBYTEs.com. “It’s a good move for the future and it will have absolutely no effect on either Belron or Safelite or any of our employees. We will have a new shareholder, but our employees will notice no difference.”
While D’Ieteren has given no indication of what percentage of shares it will sell, it has stated it will maintain a majority share. Experts believe the amount of shares sold will likely settle at approximately 40 percent.
To read the full release, click here.