BUZZ-StandardAero slips as Carlyle to slice stake in about $850 mln secondary offering

Reuters
03-24
BUZZ-StandardAero slips as Carlyle to slice stake in about $850 mln secondary offering

** Shares of aircraft maintenance services co StandardAero SARO.N down 1.9% before the bell to $28.05 after secondary offering news

** Scottsdale, Arizona-based SARO says private equity sponsor Carlyle CG.O and Singapore's sovereign wealth fund GIC to offload 30 mln shares

** Carlyle to sell ~24.5 mln shares and GIC to sell the balance, per the SEC prospectus filing

** Offering would cut Carlyle's stake from 62.8% to 55.5%, and take GIC's stake from 14.2% to 12.5%

** SARO has ~334.46 mln shares outstanding for ~$9.6 bln market cap

** JP Morgan, Morgan Stanley and RBC are jt lead bookrunners for the offering

** Earlier this month, co posted Q4 rev of $1.41 bln and projected 2025 rev of $5.8-$5.95 bln

** SARO shares opened at $31 in their Oct 2 debut after $1.4 bln IPO priced at $24

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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