LONDON (Reuters) - Elliott Advisors (UK), the biggest investor in National Express, said it was selling half of its near 20 percent stake in the British transport group to diversify its portfolio.
The fund manager said it would sell 50.6 million shares, representing about 9.9 percent of National Express's share capital, in a placing with institutional shareholders, with Bank of America-Merrill Lynch as sole bookrunner.
It will retain about 9.9 percent of National Express after the sale, and said it remained one of its most important investments.
"Elliott is a strong believer in National Express' management team and its strategy for continued outperformance and has confidence in the company's outlook and future prospects," it said in a statement.
Reporting by Paul Sandle, editing by William Hardy