EverBank's Largest Investor Cashes Out

By Joseph Kellard November 29, 2016, 11:19 a.m. EST 1 Min Read

EverBank Financial's biggest investor is cashing out ahead of the Jacksonville, Fla., company's sale to TIAA.

The $28.7 billion-asset parent of EverBank said in a press release Tuesday that Sageview Partners LP in Greenwich, Conn., is selling its remaining 5.5% stake in EverBank – or slightly more than 7 million shares – in a secondary offering. EverBank is neither selling nor receiving any proceeds from the offering.

EverBank and Sageview declined to comment on the stock offering. UBS Investment Bank is the underwriter and may offer shares for sale periodically at market-rate or negotiated prices.

Sageview invested $100 million in EverBank in 2008 in what was its first investment in the banking industry. At Monday's closing price of $19.35, its remaining EverBank shares were worth approximately $135.7 million.

EverBank announced in August that it had agreed to be sold to TIAA for $2.5 billion in cash. That deal is expected to close in the first half of 2017.

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