Support services and infrastructure firm Stobart Group Limited (LON:STOB) will receive £113.1mln when its 49%-owned Eddie Stobart Logistics associate company lists on AIM later this month.
In addition to the cash, Stobart Group also told investors it will retain a 12.5% stake in the well-known haulier worth £71.5mln.
The AIM-quoted firm said it has no plans to sell off this holding and is subject to a six month lock-in agreement.
“The transaction will generate a significant profit for the group and demonstrates the ability of the group's management team to continue to create value for shareholders,” said Stobart in a statement this afternoon.
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It intends to use the cash raised from the float to support its progressive dividend policy and to give it some financial muscle when it comes to value adding investments.
Stobart Group sold off a 51% stake in the haulage business back in 2014 for £280mln in order to push the business forward, while also allowing itself to focus on its energy, aviation, rail and infrastructure divisions.
READ MORE: Stobart Group’s logistics division to list on AIM
Eddie Stobart Logistics plc is expected to begin trading on the junior market on 25 April.
It is currently majority-owned by the Isle of Man-based investment group DBay, and said last month it was targeting a market capitalisation “in excess” of £550mln.
From that, around £130mln will go to the company which will use the cash to pay down existing debts, fund future growth and allow it to complete a bolt-on acquisition to “complement its activities in the e-commerce sector”.
Shares in Stobart Group were broadly flat on Wednesday at 223.5p.