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Caledonia sells 20% stake in Bowers & Wilkins

03 May 2016 10:56

Caledonia Investments has sold its 20% stake in B&W Group Ltd for the sterling equivalent of GBP24m cash, together with payment of an accrued dividend of GBP0.5m, as part of the wider sale of Bowers & Wilkins to EVA Automation Inc, a US-based technology company.

Caledonia originally invested in Bowers & Wilkins in December 2011 and its exit at this time follows the majority owner's strategic decision to partner with EVA to leverage the Bowers & Wilkins brand through the broader market reach and technology platforms that EVA can offer.

The investment has returned to Caledonia a money multiple of 1.2x and an IRR of 3.6%.

At 10:56am: (LON:CLDN) Caledonia Investments Plc share price was -11.5p at 2473.5p

Story provided by StockMarketWire.com

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