Cerberus divests Deutsche Bank stock worth $242 million.

Cerberus divests Deutsche Bank stock worth $242 million.

Cerberus sold 15 million shares in Deutsche Bank on Tuesday, according to a term sheet from the investment bank that handled the transaction. This is the second time in a month that Cerberus has sold shares in Germany’s largest lender.

Cerberus’ newest selling, which presently owns 1.99 percent of Deutsche Bank, translates to a 0.73 percent investment, reducing the fund’s ownership to around 1.26 percent.

Cerberus’ shares were successfully placed with institutional investors at 14.15 euros per share, a reduction of 1.6 percent to Tuesday’s closing price and resulting in proceeds of roughly 212 million euros ($242 million), according to Morgan Stanley, the bookrunner.

This year, the bank’s stock has risen by more than 30%.

Cerberus sold a 1% stake in the bank in January, and this sale follows that. More sales are expected to follow, according to sources.

According to Morgan Stanley, Cerberus has agreed to a 30-day lock-up in Deutsche Bank during which it would not sell any additional holdings, and the placement is slated to close on Feb. 11, 2022.

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