Budget airline boss bails out

THE chairman of Wizz Air is selling his entire stake in the company.

Bill Franke is set to sell his £260m stake in the firm – representing 18.7pc of the firm’s stock – which he holds through Indigo Partners.

JP Morgan, Barclays and Citi will be joint bookrunners in the deal, while Goodbody stockbrokers will serve as placing agent.

The exact amount of stock sold, and the price at which the shares will be sold, will be determined after the sales process closes.

Indigo said that if it does sell all of the shares, it will still hold 44.8m convertible shares and convertible loan notes that would represent another 24.2m shares.

It added that it reserves the right to vary the number of ordinary shares sold or sell none at all.