Madison Dearborn completes £40mn Towergate equity buy

Towergate's largest shareholder, private equity firm Madison
Dearborn Partners, has injected another £40mn ($50mn) of
equity into the carrier as part of a share issuance.
In a stock exchange filing Towergate announced a pre-emptive
offer of 40 million shares priced at £1.00 per share, of which
38.2 million were issued to Madison Dearborn-controlled entity
Tango Investments LLC.
The remainder of the offer was issued to a minority shareholder.
The purchase takes Madison Dearborn's stak