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Immersion Capital exits Aconex in near $100m deal

• The Australian
• 4:09PM February 5, 2018
• 

British hedge fund Immersion Capital has sold out of Aconex, the construction software group, today in a deal worth nearly $100 million.

The trade was for 12.5 million shares, which represents about 6.5 per cent of the stock, at $7.685.

The transaction was carried out by UBS today and the company told the ASX that Immersion Capital was no longer a significant shareholder.

Aconex’s board has recommended shareholders accept an offer from Oracle made in late December at $7.80.

A scheme booklet from Oracle is due to be sent to investors later this month.

Immersion had held up to 8.8 per cent of Aconex but sold down some of its stake before the latest sell out.