Following an unsuccessful attempt to do so last week, private equity firm Pacific Equity Partners (PEP) has managed to sell its $218 million stake in data analytics business Veda Group Ltd (ASX: VED).
The firm sold 100 million shares in the business at $2.18 each in a sale on Wednesday evening at a 2.7% discount compared to the stock's closing price at $2.24. PEP is still expected to retain a 19.6% stake in the business which will remain in escrow until the day following Veda's FY15 first half results.
Despite the sale, Veda's shares managed to edge 3 cents or 1.3% higher to be trading at $2.27 in the early afternoon, compared to a 0.5% rise from the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO). While Veda's shares are not necessarily cheap (they are trading on a trailing P/E ratio of 32.4 times earnings), the price seems more than justifiable considering the company's fantastic growth prospects.
