Caisse buys more Stingray Digital equity, Telesystem reduces its stake

MONTREAL – A significant equity stake in Stingray Digital Group is changing hands.

Telesystem Ltd. says it’s selling about 4.3 million subordinate voting shares (TSX:RAY.A) at $7.15 per share, for gross proceeds totalling $30.8 million. The stock closed Friday at $7.25.

Caisse de depot et placement du Quebec announced separately that it’s purchasing two million of the shares for $14.3 million.

Telesystems says it will continue to hold its 5.5 million multiple-voting shares (TSX:RAY.B) and 500,000 remaining A shares, representing 28.1 per cent of the voting rights for the company.

It said the private placement through National Bank Financial and GMP Securities is being done for estate planning purposes.

The announcements come a little more than a year since Stingray completed its initial public offering in June 2015.