Bids for German packaging group Mauser expected mid-Feb -sources
FRANKFURT Jan 22 (Reuters) - The private equity arm of Dubai Holding is expecting offers soon from several buyout groups for its German packaging group Mauser in a potential 1.3 billion euros ($1.8 billion) deal, three sources familiar with the transaction told Reuters.
Private equity groups including Advent, Bain, Clayton Dubilier & Rice, Onex, Rhone, Blackstone and EQT are expected to hand in tentative bids by a mid-February deadline, they said.
The suitors are likely to value Mauser at about 8 times its expected operating earnings of roughly 160 million euros, a premium to the valuation of U.S. peer Greif, which trades at a multiple of 6.7 times and is unlikely to go after Mauser for potential antitrust reasons, they said.
The sale of Mauser by Dubai International Capital (DIC) would be one of the largest asset disposals by the emirate since its debt crisis in 2009, when several of its state entities were forced to restructure debt and seek more time for repayment.
Banks are currently working on debt packages for potential buyers of around six times operating earnings or about 1 billion euros, one of the sources said.
The groups declined to comment, except for DIC, Clayton Dubilier & Rice, Onex and Rhone, which were not immediately available for comment.
DIC bought Mauser from JPMorgan's buyout unit in 2007 in a deal which valued the firm at 850 million euros.
Founded in 1896 in a small in southern Germany, the company makes packaging equipment such as cans and drums for transporting medical waste and other hazardous chemicals.