Private equity group CVC Capital Partners is planning to float 25 to 30 percent of Belgium’s postal service bpost this summer, Reuters reported. It would be the first sizeable initial public offering in Brussels since biotech firm Movetis raised 85 million euros ($109.5 million) at the end of 2009 and the largest there since zinc smelter Nyrstar raised 1.74 billion euros in October 2007.
(Reuters) – Private equity group CVC Capital Partners is planning to float 25 to 30 percent of Belgium’s postal service bpost this summer, a source familiar with the company said on Tuesday.
It would be the first sizeable initial public offering (IPO) in Brussels since biotech firm Movetis raised 85 million euros ($109.5 million) at the end of 2009 and the largest there since zinc smelter Nyrstar raised 1.74 billion euros in October 2007.
“Summer is the timing they are looking towards, and the most they would be able to sell in the summer would be 30 percent,” the source said.
CVC owns 50 percent minus one share in bpost. The Belgian state owns the rest.
Belgian business newspapers De Tijd and L’Echo both said CVC could make between 550 million and 900 million euros from the flotation ($708.53 million-$1.16 billion) and might sell its entire stake within a year.
CVC and Belgium’s ministry responsible for public enterprises both declined to comment.
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