FRANKFURT Jan 22 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.