CVC to list bpost shares in IPO

Last month, unquote" reported that CVC was planning on listing 25-30% of its 50%-minus-one stake in bpost. The company has confirmed that it will be going ahead with the proposed IPO of a portion of its ordinary shares, although CVC will remain invested with a significant stake following the flotation.

The company has not set a firm date for its IPO, but confirmed that the Belgian state will not be listing any shares from its 50%-plus-one stake. The shares will be offered to bpost's management and employees, as well as institutional and retail investors.

According to Reuters, bpost plans on returning 85% of its annual net profit to shareholders. The company recently published the results of an ESM, which state that shareholders will receive a portion of a €144m capital reduction, depending on shareholdings in the equity capital.

CVC first invested in bpost in January 2006 for €300m, according to unquote" data. In 2009, the firm bought Post Danmark's stake in the business for €373m.

Belgian state-backed postal company bpost reported turnover of €2.4bn for 2012, as well as an EBITDA of €502m. The company employs around 30,000 staff.

Advisers
Company – JP Morgan (Joint global coordinator, joint international bookrunner); Nomura (Joint global coordinator, joint international bookrunner); BNP Paribas Fortis (Joint global coordinator, joint Belgian bookrunner); Morgan Stanley (Joint international bookrunner); UBS (Joint international bookrunner); KBC (Joint Belgian bookrunner); ING (Joint Belgian bookrunner); Royal Bank of Canada (Joint lead manager); Belfius (Joint lead manager); Petercam (Co-lead manager); Bank Degroof (Co-lead manager).

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