PE-backed Infinis and Merlin to float

Karin Wasteson
21 October 2013

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Merlin Entertainments, backed by Blackstone Group and CVC Capital Partners, and Terra Firma’s Infinis Energy have both announced plans to float on the London Stock Exchange.

Merlin Entertainments, which owns Madame Tussauds and Legoland, could be valued at £4bn including debt. On Monday, Merlin announced it would raise around £200m by selling 20% of its shares. Owners Blackstone, CVC and Kirkbi will also sell some of their stakes in the company.

Blackstone owns 34% of Merlin and CVC 28%, while Kirkbi controls a 36% stake. Goldman Sachs and Barclays will act as joint bookrunners together with Citi and Morgan Stanley.

Merlin attempted a previous IPO in 2010 with a £2.5bn valuation, but abandoned that plan in the face of market volatility.

Meanwhile, Terra Firma-backed Infinis Energy, a renewable energy generator, said today it plans to list 30% of its shares in London in November. Terra Firma will reduce its stake as part of the listing. The offering, which will be aimed at both institutional and retail investors, will be run by Barclays, Deutsche Bank and RBC Capital Markets.