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PAI, Goldman start preparations for Xella sale — Reuters

FRANKFURT (Reuters) – Investors PAI and Goldman Sachs are starting preparations for a stock market listing or sale of building materials group Xella in a potential 2.5 billion euro ($2.7 billion) deal, two people familiar with the matter told Reuters.

The groups have asked investment bank Rothschild [ROT.UL] to explore options for the business, with an IPO in 2016 being seen as the more likely path, the people said.

Xella is targeting to post earnings before interest, taxes, depreciation, and amortization or roughly 300 million euros in 2016 and may be valued at 8-9 times that, the sources said.

Rothschild, PAI and Goldman Sachs declined to comment.

($1 = 0.9122 euros)