- IPO could happen as soon as next month
- CVC likely to sell about 15% of company
- Firm’s invest portfolio covers soccer, cricket, rugby, tennis and volleyball
CVC Capital Partners is planning to revive plans for an Amsterdam stock market listing, according to Sky News.
The private equity firm considered a listing in the Dutch capital in 2022 but shelved plans as markets fell following Russia’s invasion of Ukraine.
The Financial Times later reported that CVC was looking to resurrect a multibillion-euro listing before the end of 2023, only for it to abort an initial public offering (IPO) in November again due to market conditions.
Since then, however, share prices of rivals including Blackstone, EQR and KKR have risen by as much as 40 per cent, with CVC now believed to be considering another attempt to go public as soon as next month and seeking a valuation well in excess of US$15 billion.
Sky News reports that CVC has not yet made a firm decision to proceed with a listing process and it could be pushed back beyond the spring or early summer. Managing partner Rob Lucas is set to guide CVC through the process if an IPO goes ahead, with Goldman Sachs and JPMorgan working on the prospective float.
A final decision will purportedly be subject to market conditions at the time. CVC is likely to sell only about 15 per cent of the company to public investors.
Founded in 1981, CVC currently manages €188 billion (US$205 billion) of assets and raised a record €26 billion (US$28.3 billion) in July 2023. Its sprawling sports investment portfolio includes LaLiga, Ligue 1, the Women’s Tennis Association (WTA), the Indian Premier League’s (IPL) Gujarat Titans, as well as rugby union’s Six Nations, United Rugby Championship (URC) and England’s Premiership Rugby. It also has a deal with the International Volleyball Federation (FIVB).
CVC had been in talks over a €1 billion (US$1.1 billion) investment in the Bundesliga’s media rights business, only for the German Football League (DFL) to ditch plans to sell an eight per cent stake in the subsidiary last month amid fan protests.
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