Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Worldpay to hire banks for its $9.2 billion London float: Sky News

Published 06/04/2015, 07:11 PM
Updated 06/04/2015, 07:11 PM
Worldpay to hire banks for its $9.2 billion London float: Sky News

(Reuters) - Payment processing company Worldpay is set to hire six banks to lead the company's London stock market listing, valued at 6 billion pounds ($9.22 billion), Sky News reported on Thursday.

Advent International and Bain Capital, which bought Worldpay from Royal Bank of Scotland (L:RBS) in 2010, are close to hiring Goldman Sachs (N:GS), Morgan Stanley (N:MS) and Bank of America Merrill Lynch (NYSE:BAC) as global coordinators for the share sale, the multimedia news site said, citing sources.

The appointment could be as soon as this year, the broadcaster said.

The company also chose Barclays Plc (L:BARC), Credit Suisse AG (VX:CSGN) and UBS (VX:UBSG) as bookrunners on the deal, which could net the six investment banks tens of millions of pounds in fees, Sky News said.

Morgan Stanley and Worldpay declined to comment.

Worldpay also hired investment bank Lazard (N:LAZ) as an adviser to prepare for a floatation.

The London-based company is expected to record around 400 million pounds of pre-tax profit in 2015, which could value it between 5.6 billion and 8 billion pounds, Sky News said.

The company will also now have to look out for a new chairman to substitute for current chairman John Allan, who is set to step down from his role later this year, according to the company's website.

Worldpay processes 26 million transactions daily and its half-yearly underlying revenue of 1.73 billion pounds ($2.66 billion)was up 6.1 percent in the period ended June, 2014, according to the company website.

Goldman Sachs, Bank of America Merrill Lynch, Barclays, UBS and Credit Suisse also could be reached immediately for a comment outside regular business hours.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.