Owners of debt collector Lindorff appoint banks for share sale-sources
* Goldman Sachs, Morgan Stanley, SEB, Carnegie to lead IPO
* Lindorff valued at about $2.3 billion including debt
By Sven Nordenstam
STOCKHOLM, Dec 10 (Reuters) - - Sweden's Investor AB and private equity firm Altor have picked banks for a stock market listing of Norway-based debt collector Lindorff, four sources familiar with the matter said.
The people, who declined to identified because the process is not public, said Goldman Sachs, Morgan Stanley and Swedish banks Carnegie and SEB were appointed to lead a planned initial public offering (IPO) of Lindorff, which is is valued at about 15 billion crowns ($2.29 billion), including debt of 770 million euros ($1.06 billion).
Whether Lindorff would be listed in Norway, or in Sweden, where its owners are based and rival Intrum Justitia listed, had not yet been decided, the people said. Investor, Altor, Lindorff and the banks all declined to comment.
Altor has said it wants to list Lindorff and that a flotation could take place in the first half of 2014 at the earliest. Since then, the Nordic IPO market has picked up. Bath and toilet maker Sanitec start trading in Stockholm on Tuesday in Sweden's biggest IPO for seven years.
Lindorff had earnings before interest, tax, depreciation (EBITDA) and amortization of 134 million euros in the 12 months through September, according to Investor's latest quarterly report.
Swedish competitor Intrum Justitia's shares have risen more than 70 percent this year, eclipsing a 19 percent gain in the wider market. It is valued at around twelve times forecast 2014 EBITDA, according to Thomson Reuters Starmine.
Analysts tracking Investor expect Lindorff to post EBITDA earnings of around 140 million euros next year. Applying a multiple of twelve to that figure would yield a value in line with Investor's valuation.
Investor, which is controlled by Sweden's Wallenberg family, bought half of Lindorff in 2008 from Altor who had owned it since 2003. At the time, Morgan Stanley advised Investor while Goldman Sachs advised Altor, people familiar with the deal said.
The Swedish banks also have relevant experience for a listing of Lindorff as they were involved in listing Intrum Justitia in 2002. Carnegie is owned by Altor, whereas Investor is the largest owner in SEB.
Lindorff, whose services include invoice administration and debt collection, employs about 2,600 people in eleven countries. ($1 = 6.5407 Swedish crowns) ($1 = 0.7289 euros) (Additional reporting by Mia Shanley; Editing by Louise Heavens)
- Man called Bitcoin's father denies ties, leads LA car chase
- Malaysia Airlines loses contact with plane carrying 239 people
- Ukraine standoff intensifies, Russia says sanctions will 'boomerang' |
- Florida mayor fights backyard gun ranges in 'Gunshine State'
- Apple loses bid for U.S. ban on Samsung smartphone sales