NEW YORK (TheStreet) -- TransUnion (TRU) stock is slumping by 1.09% to $32.81 on heavy trading volume late Tuesday afternoon, as the credit-tracking service expects Advent International to sell about 15.7 million shares of the company, the Wall Street Journal reports.
This amounts to roughly an 8.7% stake.
Advent and Goldman Sachs Group acquired TransUnion in a $3 billion deal in 2012. When TransUnion went public last year, Advent and Goldman each kept nearly 35% of the company.
Advent will receive all the proceeds from the sale, and TransUnion won't sell any shares itself, according to a regulatory filing, the Journal adds. Advent intended to offer the shares in an underwritten secondary offering, and had given the underwriters a 30-day option to purchase another 2.3 million shares.
About 6.13 million shares of the Chicago-based company have been traded so far today, well above its average trading volume of roughly 711,135 shares per day.