(Bloomberg) -- Private equity firm L Catterton and a group of employees of Birkenstock Holding Plc raised $756 million on Wednesday from the sale of a block of shares of the US-traded footwear maker.

The holders sold 14 million shares for $54 each, according to a statement, representing a 9.7% discount to the closing price of $59.78 each on Monday when the deal was announced. Birkenstock shares closed Wednesday at $54.61 each. They rose to $54.63 apiece in after-market trading. 

L Catterton will have about a 73% stake in Birkenstock after the sale, according to an earlier statement. The underwriters have an option to buy an additional 2.1 million shares from L Catterton.

The sale comprises 9.9 million shares solely controlled by L Catterton and 4.1 million shares that the private equity firm and certain executives and other employees have shared voting and dispositive power over, according to a statement and filing.

Net proceeds from the sale of the shared-ownership stock will be used to pay the employees’ tax obligations and outstanding loans, the statement shows. Birkenstock itself will not receive any proceeds.

The sale is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., the filing shows.

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