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Luxembourg-based CVC Capital has long wanted to go public. But the private equity firm behind rugby\u2019s Six Nations and soccer\u2019s LaLiga has not had success\u2014until now.<\/p>\n
CVC has finally set its eyes on a public listing at Amsterdam\u2019s stock exchange, to raise more than \u20ac1.25 billion ($1.3 billion), the company said in a statement Monday.\u00a0<\/p>\n
As one of Europe\u2019s largest private equity players with \u20ac186 billion ($198 billion) in assets<\/a>, CVC invests in a wide range of industries from sports to healthcare and retail. CVC famously owned the Formula One franchise<\/a> for several years up until 2016, when it sold it to the U.S.-based Liberty Media.\u00a0\u00a0<\/p>\n The firm is seeking a valuation of between \u20ac13 billion ($13.8 billion) and \u20ac15 billion ($15.9 billion), the Financial Times<\/em><\/a> reported.<\/p>\n CVC has long aspired to launch its IPO, including in November<\/a>, before backtracking due to geopolitical tensions adding to the market uncertainty. Although some of those trends continue to loom in the background, conditions have improved and given way to other notable IPOs globally\u2014such as Swiss skincare company Galderma.\u00a0<\/p>\n The broader buyout industry has dealt with the same challenges as many others, owing to high interest rates and lower dealmaking appetite.\u00a0<\/p>\n By going public, Luxembourg\u2019s CVC will be one among its many American and European private equity counterparts who\u2019ve launched IPOs, such as Blackstone and Bridgepoint Group.\u00a0\u00a0<\/p>\n In the Monday statement, CVC\u2019s CEO Rob Lucas said that he believes \u201can IPO of CVC provides an enduring long term institutional structure to support further growth.\u201d<\/p>\n As a result of the listing, stakes of the private equity firm\u2019s key shareholders, including Hong Kong Monetary Authority and Singapore\u2019s sovereign wealth fund GIC, will reduce. The capital CVC raises from the listing will be used to make acquisitions in new industries.<\/p>\n The firm, cofounded by four finance professionals as an arm within Citigroup over 40 years ago, has soared to become Europe\u2019s top private equity group.\u00a0<\/p>\n For its part, CVC has a strong financial base as its revenues surpassed \u20ac1 billion ($1 billion) last year, a company statement<\/a> said. Last year alone, CVC raised \u20ac26.5 billion ($28.2 billion)\u2014valued at the time as the biggest-ever private equity fund.\u00a0<\/p>\n The impending listing could help draw more awareness among investors and expand CVC as it forges its path forward. It\u2019s still unclear when exactly the company plans to debut in Amsterdam.<\/p>\n \u201cThis is very much a long-term structural decision for the business and we expect the IPO to take place in the coming weeks, obviously subject to market conditions, and we\u2019re monitoring events in the Middle East very very closely,\u201d CEO Lucas told Bloomberg in an interview<\/a>.\u00a0<\/p>\nCVC\u2019s scale<\/h2>\n