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Private equity firm Apax Partners LLP said Monday it has sold 40 million shares in the capital of Baltic Classifieds Shares PLC, a Lithuanian holding company, for approximately £92.4 million ($120 million).

EquityCo S.à r.l., which is controlled by funds advised by Apax Partners LLP, said it has sold 40 million BCG shares, representing approximately 8.2% of the company's shares.

Counsel information for Apax or Baltic was not immediately available. BofA Securities Europe SA is the global coordinator for the placing.

Following the placing's settlement, which is expected to take place on June 5, Antler will continue to hold approximately 12.9% of BCG's ordinary shares.

BCG is not a party to the placing and will not receive any proceeds.

Antler, which is controlling the funds, said it will not dispose of any further BCG shares for three months following the placing's completion.

On the back of strong deal momentum, the placing was upsized by approximately 11% from the original placing size of 36 million shares.

An investment company backed by private equity firm Apax Partners said in early May that it has sold part of its stake in online classifieds group Baltic Classifieds Group PLC for £60 million.

Apax was founded nearly 50 years ago by Ronald Cohen, known as the father of British venture capital. The company raised nearly $900 million in a funding round in December. It invests in the internet/consumer, tech, services, and healthcare sectors.

The company has a market capitalization of over £1 billion and was listed on the London Stock Exchange in June 2021.

An investment company backed by private equity firm Apax Partners said that in early May it had sold part of its stake in online classifieds group Baltic Classifieds Group PLC for £60.2 million.

Apax and Baltic were not immediately available for comment.