Wizz Air’s largest shareholder, American equity firm Indigo Partners LLC, has sold a portion of its Wizz Air shares for $555.56 million. As a result, the shares of Hungarian low-cost carrier Wizz Air have dropped by 6.5%.

This move has resulted in Indigo Partners owning a mere 8.5% of Wizz Air, down from 17.5%. The firm has been an investor of Wizz Air since 2004, and its original ownership was 20.6%. However, it sold shares worth $650 million in February 2021 and 10 million shares back in 2017. Indigo Partners’ founder and managing partner William A. Franke is also the Chairman of Wizz Air.

The share placing is going to be completed by Thursday, according to Barclays Bank that is acting as the global coordinator on the deal. Wizz Air said it would not receive any proceeds from the deal.