Permira raises $755 million by selling half its Galaxy stake

Private equity firm Permira last night sold just over half its remaining stake in Hong Kong-listed Galaxy Entertainment Group, raising HK$5.85 billion ($755 million). According to a source, the deal was backed by a reverse inquiry from a large long-only institutional investor and was marketed to just a handful of accounts, allowing the shares to be sold at a tight 4.1% discount to yesterday’s close.