July 23, 2015 / 3:52 PM / 4 years ago

LPC-Advent plans Equiniti IPO as sale talks end

LONDON (Reuters) - Private equity firm Advent International is aiming for a stock market listing for its UK share registration services firm Equiniti after sale talks with Canadian private equity firm Onex halted this week, banking sources said on Thursday.

Advent is expected to pursue a listing before the end of the year, valuing the business at just over 1 billion pounds ($1.55 billion), the sources said.

Goldman Sachs, Barclays and Citi have been appointed to advise on the IPO. Rothschild has been advising Advent on its options for Equiniti.

Advent declined to comment.

Bankers are lining up IPO financing packages to support a listing, which will include a super senior revolving credit facility, one of the sources said.

Leveraged finance bankers had been preparing up to 530 million pounds of leveraged loans to back Onex’s potential buyout of Equiniti, equating to around 6.25 times Equiniti’s earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately 85 million pounds, the sources said.

Equiniti agreed to acquire foreign exchange payments business TransGlobal Payment Solutions, it announced last week.

Equiniti provides administration, processing and payments services to businesses and acts as registrar to around 50 percent of the FTSE 100. It has 3500 employees across 29 locations.

Editing by Christopher Mangham

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