2023-08-14 12:46:32 ET
CVC Capital Partners, one of Europe's largest private equity firms, has dusted off plans for a multibillion-euro initial public offering as equity markets have revived and the company's fundraising efforts have made conditions more favorable, according to a media report.
Last year, amid flagging markets after Russia invaded Ukraine, the closely held firm put on hold a plan to list its shares late in the year. And while the dynamics have improved for an IPO, no final decision has been made, the Financial Times reported, citing people familiar with the matter.
CVC had planned to sell a 10% stake on the Amsterdam stock exchange, the FT reported last year.
The listing would test investors' appetite for an industry that, like other sectors active in M&A, has had to manage with the damping effect of higher interest rates on dealmaking. In 2021, CVC was valued at ~€15B when Blue Owl's ( OWL ) Dyal unit bought a minority stake in the firm. That took place when the federal funds rate was near zero and the European Central Bank's key policy rate was in negative territory.
CVC's plan includes using some of the IPO proceeds to buy other asset management businesses, which could include an investment firm focusing on infrastructure, the FT said, citing people familiar with the business.
The company has €140B assets under management and over 120 private equity portfolio companies, according to its website. CVC owns the maker of U.K. tea brand PT Tips and stakes in Authentic Brands and Premiership Rugby.
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CVC Capital Partners resurrects plans for European IPO - report