CVC to list shares in bpost

CVC has enlisted nine banks to arrange the sale of 25-30% of bpost, or just more than half of its 50%-minus-one shareholding, news agency Reuters reported on Thursday.

The GP, which holds its shares in bpost alongside the state of Belgium, is believed to have hired JP Morgan, Nomura and BNP Paribas Fortis as joint global coordinators, and JP Morgan, Nomura, Morgan Stanley and UBS as joint international bookrunners for the sale.

The deal could result in a windfall of between €550-900m for the investor and shares are expected to be marketed as a high-dividend stock. Reuters reported planned dividend payouts of 6-8% of the business's market valuation, citing local press reports.

The flotation would be the first large IPO in Brussels since 2009, however it would follow a range of sizable private equity-backed IPOs across Europe in recent months. These include Moleskine, which was floated by Syntegra in Milan, esure, which Electra and Penta listed in London, and Oaktree's Countrywide which also listed in London.

Q1 2013 has already dwarfed IPO figures for the whole of 2012 and further public listings are expected in the coming months, including CVC-backed Evonik Industries. Evonik's renewed attempt at listing, after withdrawing twice in the past two years, may be seen as a signal that market conditions have finally changed for the better in 2013.

 

 

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• Topics
• Exits
• Benelux
• IPO
• CVC Capital Partners
• Belgium