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Pets at Home's shares lay down after KKR halves its stake

KKR sold shares equivalent to 12.2% of the retailer's market capitalisation at 195p a pop
Pets at Home
The shares have been on a good run of late

Pets at Home Group PLC (LON:PETS) was in the doghouse Tuesday Morning after Kohlberg Kravis Roberts (KKR) offloaded 61mln shares in the retailer.

The private equity firm raised around £119mln (gross) from the sale, implying the shares were placed at around 195p.

The Pets at Home share price declined 17.30p to 198.60 in response to the news.

KKR retains 62mln shares in Pets at Home, representing about 12.4% of the company’s issued share capital, and is obliged to hold on to those for at least another 60 days.

It’s sale of shares equal to 12.2% of Pets at Home’s share capital comes after a decent run for the retailer’s shares; the stock ended the first half of the year at 161p and had risen to 215.9p at last night’s close.

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