Ista sale to kickstart German large-cap activity

Carmen Reichman
@carmenreichman
20 February 2013

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Charterhouse and CVC Capital Partners are expected to launch exit proceedings for German energy-metering firm Ista, amid speculation that German deal values could surge in the coming year.

While Ista is expected to yield close to €3bn for CVC and Charterhouse, finance professionals believe that this could be a sign of high-value deals returning to Germany. According to Reuters, another mega-deal is in the works, with 3i and Allianz Capital Partners looking to sell ferry group Scandlines – an asset that could fetch up to €1.4bn.

Meanwhile, the news agency reports that Montagu is exploring options for the sale of internet service provider Host Europe and logistics group Unifeeder – deals that could bring in €400m and €450m respectively.

The high valuations suggest Germany's markets are recovering and that bank finance may be becoming more readily available in the country.

Germany was home to two mega-deals in 2012, with BSN Medical changing ownership for €1.82bn and Open Grid Europe fetching €3.2bn. However, industry commentators interviewed by unquote" were hesitant to predict a significant market upsurge for 2013, instead suggesting the industry would see more of the same in the coming year.