Carlyle, Vestar sell down stakes in Asia-focused chemicals firm
Carlyle Group and Vestar Capital Partners sold down stakes in AZ Electronic Materials, an Asia-focused chemicals manufacturer, sending the London-listed company’s stock plunging 10% on Wednesday. Each private equity firm jettisoned a 10% holding – a total of 80 million shares – in AZ following the end of a 90-day lock up period.
Carlyle and Vestar had retained 43% of AZ after taking it public last October. They now hold just over 10% apiece and have committed to another 90-day lock-up period on further share sales. Shares in...
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