EQT mandates Bank of America for Schuelke sale

There is still no set timeline on when a process could launch, said two of the sources.

The sponsor had in April been scouting advisors to start weighing options for the German company, as reported, with a formal auction expected to launch this year but no certainty that it could result in a transaction.

Schuelke has an LTE (likely-to-exit) score of 72/100 according to Mergermarket's predictive algorithm.

EQT is expected to pitch Schuelke off a projected EBITDA of roughly EUR 100m, as reported. It first acquired the company via EQT VIII from France's Air Liquide for up to EUR 1bn (USD 1.05bn) in 2020.

During that JP Morgan-led auction, the carve out was being marketed off EBITDA in the region of EUR 50m-EUR 70m, as reported.

EQT and Bank of America declined to comment.

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