CVC's Cerved targets €1.3bn valuation at IPO

The asset will float on the Mercato Telematico Azionario (MTA).

Up to 84 million new and existing shares will be offered at €5-6.5 each, equal to a free float of around 43%. Should a greenshoe option be exercised, the float would rise to around 49%.

CVC will reduce its shareholding from 100% to 56.9%. The stake could reduce to 50.8% if the greenshoe option is exercised.

The firm intends to raise around €250m of fresh capital in order to pay down net debt, which currently totals around €730m.

In January 2013, CVC acquired Cerved from Bain Capital and Clessidra for €1.13bn. Credit Suisse, Deutsche Bank and HSBC provided financing for the transaction. HSBC ran the sale, which also attracted interest from Permira. Valuations for the target were close to €1bn, or 10x EBITDA, during the auction.

Bain and Clessidra acquired Cerved for €550m in December 2008 through holding company CeBi. The debt syndicate for the deal included BNP Paribas, Credit Agricole, HSBC, IKB, Intensa Sanpaolo, MPS Banca per l'Impresa, Natixis and UniCredit.

Banca IMI, JP Morgan, Mediobanca and Unicredit are global coordinators for the transaction. BNP Paribas, Deutsche Bank and HSBC have been appointed joint bookrunners. Unicredit is lead manager for the retail offering. Banca IMI is sponsor, with Lazard as the advisor.

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• Topics
• Southern Europe
• Italy
• IPO
• CVC Capital Partners
• Bain Capital
• Clessidra Capital Partners
• HSBC
• JP Morgan
• Credit Suisse
• Deutsche Bank
• Permira
• BNP Paribas
• Credit Agricole Corporate & Investment Bank
• Natixis
• Mediobanca
• UniCredit