(Bloomberg) -- Siemens AG is likely to raise about €1.4 billion ($1.5 billion) from the sale of a roughly 2.3% stake in Siemens Healthineers AG, the medical technology unit it listed in 2018.
The German group increased the number of Healthineers shares offered to around 26.5 million from 22 million, and was expected to price them at €54.65 each, according to terms seen by Bloomberg. Demand exceeded the shares available by several times, the terms show.
The price represents a discount of about 2.9% from Wednesday’s close, according to Bloomberg calculations.
Siemens AG shares rose as much as 1.3% in early trading on Thursday, having gained more than 30% over the past year on robust demand and a shift toward higher-margin software products. Healthineers stock declined as much as 2.1%.
The sale comes after Siemens said last year it could sell shares in Siemens Healthineers to pay for its $10.6 billion acquisition of Altair Engineering Inc. The proceeds will go to fund general corporate purposes, according to the release. Siemens has also said it plans to sell a €2.5 billion stake in Siemens Energy AG to fund the Altair deal.
Barclays Plc, BNP Paribas SA and Morgan Stanley are arranging the deal, according to the terms.
Investors have raised $6.3 billion in Europe this year through overnight placings, with corporate shareholders leading the charge, according to data compiled by Bloomberg.
Pfizer Inc. sold a $3.1 billion stake in Sensodyne-maker Haleon Plc last month, just a day after Reinet Investments SCA exited its $1.5 billion stake in British American Tobacco Plc.
--With assistance from Bre Bradham.
(Update with share price in fourth paragraph.)
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