UPDATE: IP Group Gets GBP22 Million From Sale Of...
(Alliance News) - Intellectual property-based business developer IP Group PLC said it generated ... (Alliance News) - Intellectual property-based business developer IP Group PLC said it generated GBP22.4 million from the partial sale of its stake in Ceres Power Holdings PLC to Robert Bosch GmbH. IP Group Chief Executive Alan Aubrey said: "We are pleased to support this strategic transaction to facilitate Bosch's increased holding which we firmly believe is in the interests of the company and of all stakeholders. We're delighted to see such continued strong global interest in Ceres Power, which follows another impressive year of commercial success. Since IP Group's first investment in Ceres in 2012, the company has gone from strength to strength and is a great example of how we've helped to develop and support a world-leading company based on scientific research carried out in the UK." Earlier on Wednesday, Ceres reported that Germany's Robert Bosch GmbH had substantially increased its stake in the UK fuel-cell company in a GBP77 million investment. At the same time, via a reverse accelerated bookbuild, Robert Bosch has purchased approximately 12.3 million existing Ceres shares at the same price.