Apax, Fortress, Three Hills to bid for Serie A - report

They join other private equity firms that have shown interest in Serie A in the last few months.

In May it was reported that CVC had secured an exclusive negotiation window until the end of June. The private equity firm was negotiating the acquisition of a stake of around 20% for €2.2bn, seeking a 10-year contract from the 2021/2022 season and valuing the business at €10.8bn.

Bain Capital made a €3.4bn preliminary offer for a 25% stake in Serie A in June. The bid valued Serie A at almost €12bn, surpassing CVC’s offer. Bain Capital was assisted by investment bank Nomura, according to press reports.

Italian private equity firm FSI also showed interest for a minority stake in Serie A, but it is unclear how much it offered for the business.

More recently, it was reported that CVC and FSI had teamed up with Advent International to make a joint bid of €1.3bn for 10% of the company, valuing it at €13bn. Under the joint bid, CVC would own half of the stake, Advent 40% and FSI the remainder.

According to market rumors, General Atlantic could also join the bidding but at present has only put forward a financing proposal.

In addition to offers for a minority stake, some PE firms have put forward financing proposals, including debt or hybrid financing deals. Among them are Apollo, Sixth Street and Blackstone via its GSO private debt arm, according to press reports.

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• Topics
• Investments
• Southern Europe
• Apax Partners
• Three Hills Capital Partners
• CVC Capital Partners
• Bain Capital
• Advent International
• FSI
• Italy