Along with UniCredit SpA, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C) and Credit Suisse Group AG (NYSE:CS) helped coordinate the sale of 10 percent of PGE Utility for the Polish Treasury.
Late Friday on its website the Treasury Ministry confirmed they had sold the stake for $1.4 billion.
The sale was initiated to raise capital to lower the need to borrow and pay down the budget deficit of the country.
Polish law requires the government to maintaina stake of over 50 percent in PGE. That wasn't a problem as they hold 79 percent of the utility at this time.
The Treasury Ministry stated that the sale was oversubscribed, and drew the interest of investors from 22 countries. Investors from Poland acquired over half the shares offered.
Joint bookrunners on the sale were Goldman Sachs (NYSE:GS), PKO Bank Polski SA, Societe Generale SA and KBC Groep NV.
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