VTB Capital Sells Shares in Luxoft Inc. in NYSE Follow-on Offering
VTB Capital announces today the completion of the sale of its stake in Luxoft Holding, Inc. (“Luxoft”) (NYSE:LXFT) in a secondary public offering on the New York Stock Exchange. VTB Capital has sold 2,800,000 Class A ordinary shares held by its direct subsidiary, Rus Lux Limited, at US $34 per share. The offering was more than 3 times oversubscribed and attracted high quality institutional demand from US and European investors. VTB Capital was one of the joint bookrunners for the offering.
Luxoft is a leading provider of software development services and innovative IT solutions for a global client base consisting primarily of large multinational corporations. VTB Capital acquired its stake in Luxoft in June 2012. Following completion of this transaction, VTB Capital will not hold any shares in Luxoft.
Tim Demchenko, Global Head of Private Equity and Special Situations at VTB Capital, said: “Luxoft is VTB Capital’s second successful private equity investment in the sector of IT outsourcing services. In 2010 we invested in EPAM Systems Inc. (NYSE:EPAM), which we exited in 2012. As with EPAM Systems, the Luxoft investment has generated impressive investment returns, resulting in a gross internal rate of return in excess of 50% for VTB Capital. We are grateful to the Luxoft management team and shareholders and wish them continued growth and success. In the meantime, we will continue to look for attractive investment opportunities in the IT sector.”
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