TPG, CD&R Offer Solo Bids for WorldPay

(Reuters) – The bidding field for Royal Bank of Scotland’s (RBS.L) payment processing business has widened to three ahead of Monday’s final offer deadline, people familiar with the matter said on Friday.

Private equity firms TPG and Clayton, Dubilier & Rice have opted to work alone on potential offers for WorldPay after on-off talks failed to produce a consortium bid, the people said.

Solo status puts both firms in a weaker position than frontrunners Advent International and Bain, which have been working together since the early stages of the process.

It remains unclear whether TPG and CD&R will both be in a position to submit final bids. Given the size and complexity of the business, RBS had encouraged the two private equity firms to team up.

RBS’s Global Merchant Services (GMS) unit, which includes the WorldPay business, is expected to fetch 2.5 billion pounds to 3 billion pounds ($3.84 billion to $4.61 billion), industry sources have said. ($1=.6503 Pound) (Reporting by Simon Meads, Steve Slater and Victoria Howley; editing by Simon Jessop)