Apax takes the lead in potential $8.5bn ISS deal
Apax has entered exclusive talks to acquire ISS from EQT and GS Capital Partners after beating rival bidders with an offer of $8.5bn, according to reports.
The latest developments come after earlier news that Apax and two consortia consisting of Blackstone, Bain Capital, Nordic Capital and Clayton Dubilier & Rice, and the other of CVC Capital Partners and Apollo were bidding for the Danish cleaning service provider.
It is believed that the debt portion of the buyout could amount to $5bn, according to reports; however financing details are in the very early stages. ISS generated revenue of DKK 69bn and EBITDA of DKK 4.74bn in 2009.
EQT and GS Capital Partners acquired ISS in 2005 for $5.3bn.
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