Excelsior in block sale of CJ HelloVision shares

Private equity firm Excelsior Capital sells 37% of its stake in South Korea’s largest cable operator CJ HelloVision in a block trade on Thursday night.

Excelsior Capital sold some of its stake in South Korea’s largest cable operator CJ HelloVision in a block trade totaling up to $50 million, according to a term sheet.

Private equity firm Excelsior held 8.1 million shares in the company at the time of the accelerated secondary offering late on Thursday.

It traded 3 million shares, or 37% of its stake in the company, at 17,600 won $16.41, a 4.1% discount to the February 19 close of 18,350 won, a person close to the deal told FinanceAsia. It was initially priced between 17,550 and 18,000 won with a 90-day lockup.

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