New Flyer Industries Inc. confirmed that Marcopolo S.A., through its wholly-owned subsidiary, Marcopolo Canada Holdings Corp., has sold 4.5 million common shares of New Flyer, which represent approximately 7.4% of the issued and outstanding common shares of New Flyer. Marcopolo advised that the secondary sale was made through a “bought block trade” arranged by a syndicate of underwriters led by CIBC Capital Markets.
Following the sale, Marcopolo beneficially owns 6,587,834 common shares, representing approximately 10.8% of the issued and outstanding common shares. The sale has allowed Marcopolo to monetize a portion of its holdings for its own capital allocation purposes. Marcopolo’s initial investment in New Flyer occurred in early 2013 and it remains the company’s largest shareholder.
In the wake of the sale, New Flyer and Marcopolo re-affirmed their ongoing commercial cooperation initiatives under their 2013 Memorandum of Understanding, pursuant to which the two companies have been exploring opportunities to cooperate on engineering, technical, purchasing and operational matters, and assessing Marcopolo’s technology and products for possible introduction into the Canadian and U.S. markets through New Flyer, as well as New Flyer’s technology and products for potential distribution into global markets.
“Marcopolo has been an outstanding shareholder and partner of New Flyer since their investment in the company in 2013,” said New Flyer President/CEO Paul Soubry. “We look forward to continuing our successful relationship with Marcopolo, including continued investigation of opportunities for commercial cooperation under the Memorandum of Understanding between the companies.”
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