Some of CVC Capital Partners’ institutional backers are planning to sell their shares in the European buyout business as part of its proposed initial public offering, according to a report by Reuters
The report cites two unnamed sources with knowledge of the matter as revealing that CVC is targeting raising more than €1bn in what would be the largest stock market listing in Europe with an IPO potentially happening in Amsterdam as early as the end of the month.
The offering which CVC is hoping will value that business at over €10bn, will comprise a mix of new and existing shares, with teh company set to place around 10% of its share capital.
CVC’s exits institutional backers include Blue Owl, Singapore’s GIC, the Hong Kong Monetary Authority and the Kuwait Investment Authority , all though it is not clear at this stage which entity is looking to sell its shares. The firm’s general partners are also nit expected sell stock in the IPO, although no final decision has been made and the listing plans could still be changed or dropped.
