A private-equity backer of Webster Financial (WBS) plans to sell its nearly $208 million stake.
Warburg Pincus Private Equity X, which owns just under 10% of the Waterbury, Conn., company, will sell its entire position in a secondary offering, Webster said Tuesday. The 8.7 million shares Warburg holds would be worth just under $208 million based on Webster's closing share price Tuesday of $23.76.
JPMorgan Chase (JPM) and Deutsche Bank (DB) will underwrite the offering.
Warburg has been gradually selling its stake in the $20.1 billion-asset Webster. It reduced its ownership share from 23.6% to 13.6% through a $201 million secondary offering in December. Warburg invested $115 million in the company in July 2009 at a share price of $10.
Webster on Monday reported a first-quarter profit of $39.2 million, a 4% increase from the same period in 2012.
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