KKR, Wendel sell off Legrand shares

If the shares sold at the Monday closing price of €19.9, the sale would be worth €597m. News of the sale sent Legrand’s share price plummeting, closing at €18.60 on Tuesday. The firms said the sale was intended to enhance the company’s stock liquidity.

Legrand sells wiring accessories, switches, electrical installations management solutions and structured wiring systems in almost 180 countries, claiming to hold 19 per cent of the global wiring accessories market and 15 per cent of the global cable management market.

KKR and Wendel will collectively retain 50 per cent of Legrand’s share capital and approximately 65 per cent of its voting rights, saying that they will remain “strongly committed” to the company.

The two private equity firms took a majority stake in Legrand in 2002, taking it public in 2006.

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