While investment activity might be stymied in certain areas, this year has seen some notable sales from private equity firms to the public markets. Broadcasting masts business Arqiva, for instance, recently announced plans to float for £1.5 billion. The company’s backers include Canada Pension Plan Investment Board and Australia’s Macquarie.
Yet while IPOs in the multibillions would traditionally find homes in Europe’s more developed markets, such as the UK and Germany, so far this year the biggest public deals have featured places less commonly associated with large-scale flotations.
With this in mind, we went under the bonnet of some of Europe’s biggest completed PE-backed IPOs of 2017.
BAWAG (€1.9 billion—Austria)
The lender’s €1.9 billion IPO in late October marked the biggest ever deal on the Vienna Stock Exchange— as well as the biggest in Europe this year. The float gave BAWAG a valuation of nearly €5 billion.
US investor Cerberus originally acquired BAWAG in 2007 for €3.2 billion, while GoldenTree Asset Management built up a 40% stake in 2012.
PLAY Communications (€1 billion—Poland)
The telecoms operator, founded a decade ago and controlled by Olympia and Novator, listed for €1 billion in Warsaw in July. The floatation gave the company a valuation of €4 billion.
Play has been an extremely aggressive capital-raiser and acquirer since its formation, issuing a €870 high-yield bond and PLN 130 million RCF in 2014.
Terveystalo Healthcare (€762.2 million—Finland)
Swedish investment powerhouse EQT acquired healthcare business Terveystalo in 2013 from Bridgepoint, rapidly building up the company through a series of bolt-on acquisitions.
With the float, Terveystalo aims for continued growth doing the same, looking to add to its more than 180 clinics across Finland.
Glenveagh Properties (€550 million—Ireland)
The housebuilder, backed by Oaktree Capital Management, listed on the Irish Stock Exchange as part of its plan to build at least 2,000 homes a year from 2020 onwards. The IPO’s funds were used to acquire property developer Bridgedale, which has discussed Dublin land development with Oaktree in the past.
Find out more about Europe’s PE-backed IPOs in 2017.
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