MILAN (Reuters) – Seven bidders are on the short list to make binding offers for Italian electronic payments company SIA-SSB, six sources close to the matter said on Friday.
The bidders comprise Telecom Italia SpA (TLIT.MI), France’s Atos Origin PA (ATOS.PA), Total System Services Inc. (TSS.N), Bridgepoint Capital Ltd., Advent International, Bain Capital and Cinven Ltd., the sources said.
Citigroup Inc. (C.N) is adviser on the sale. More than 15 bidders had made non-binding offers, one of the sources close to the deal said last week.
SIA-SSB provides credit card services to financial institutions and is mostly owned by Italian banks. Its turnover last year was 403 million euros ($542.8 million) and earnings before interest, tax, depreciation and amortisation were 67 million euros.
The biggest shareholder is Intesa SanPaolo (ISP.MI) with a 26.8 percent stake, followed by UniCredit SpA (CRDI.MI) at 24 percent. Telecom Italia has a 4.1 percent stake.
SIA-SSB is expected to have an enterprise value of 600 million to 700 million euros.
(Reporting by Ian Simpson)