CVC floats bpost at top end of range


MINOLTA DIGITAL CAMERAPrivate equity firm CVC Partners is floating bpost at the end of the proposed range, valuing the Belgian postal service at around €2.9bn.

The firm has sold 56 million shares at a prive of €14.50 per share, near the top end of the €12.50 to €15 range, for proceeds of €812m.

CVC will retain a 17.34 per cent interest in the business or 21.54 per cent if an over-allotment option is not exercised. The firm owned a 50 per cent stake in bpost prior to the IPO with the Belgian government holding the balance.

In April AltAssets reported that CVC had hired nine banks for the planned IPO.

The firm bought into the business in 2006 to take advantage of bpost’s position at “the crossroads of the Dutch, German and French markets” as well as its dominance in its domestic market.

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