Private equity owners of WorldPay have taken a U-turn on their plans to sell the payment processor’s US operations via an auction.
The decision came after Worldpay’s owners Bain Capital and Advent International failed to find buyers willing to meet their asking price of $800m to $1bn, said Reuters.
The two firms intended to use the money to pay themselves a dividend and reduce the company’s debts.
WorldPay’s US unit currently has an EBITDA of between $90m and $130m, said the sources.
Bain and Advent bought an 80 per cent interest in WorldPay from Royal Bank of Scotland for £2bn in 2010 with the banking group retaining the remaining stake.
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