US billionaire Wilbur Ross is selling his entire stake in Bank of Ireland
Published 09/06/2014 | 18:26
US billionaire Wilbur Ross is selling his entire stake in Bank of Ireland.
The American investor has tripled his money since buying into the bank in a 2011 deal that kept it out of state hands.
He is a director of the bank.
Deutsche Bank has confirmed it is selling Mr Ross’s remaining 1.8 million of shares – 5.5pc of the entire bank.
Mr Ross’s remaining 1.8 billion of shares will be sold in a price range of 26 cents to 27 cents a share.
That values the remaining stake at €468m to €486m.
Added to the €345m realised from his earlier sale of shares in March at 33 cents each it means the original €300m he investment has returned around €830m.
Its just shy of the more than three times return implied by the March valuation.