SocGen and AIG Fund exit Luxten

Investment funds AIG New Europe Fund and Societe Generale Romania Fund (SGRF) are soon to sell their stakes in Luxten electricity group in a $30-$35 million transaction, sources close to this deal say. The sale of the stakes held by the two funds, which account for 36% in the total share capital of Luxten will come shortly after the sale of another 36% in the company by its founder, Zoltan Boszormenyi for $15 million last week. The deals are part of a broader operation that will end in the current managers of Luxten, Claudiu Radulescu, Ionel Pepenica and Olimpia Moica taking control of the company, the quoted sources say. The three managers now hold nearly 15% in Luxten together, and will come to own more than 90% by the time the management buyout operation backed by US’ Citibank is over. Other smaller shareholders of Luxten besides the two funds and Zoltan Boszomenyi have either sold or will do so, too. The transactions by which the managers will buy 75%-80% in Luxten are $54-$55 million, the quoted sources say. ZF