Aer Lingus to go part-private in September

08/29/06 - newratings.com

NEW YORK, August 29 (newratings.com) – Irish state airline Aer Lingus and the Irish government Monday announced its plans to list the airline on the Irish and London stock exchanges by the end of September.

The government will sell more than half of its 85.1% stake in Dublin-based Aer Lingus to investors. The remaining stake is held by the company’s workforce, with the Employee Share Ownership Trust holding 12.6%. Aer Lingus will sell shares in an initial public offering (IPO) next month to raise money for new planes, to add to the carrier’s 35 aircraft. The IPO is expected to raise up to €500 million in fresh equity. A sale prospectus, including the price range, is to be released in the second week of September.