LONDON, April 1 The owners of Swiss-based duty
free operator The Nuance Group are close to appointing banks to
explore an initial public offering that could value it at more
than 1.2 billion Swiss francs ($1.4 billion), three sources told
Since a 2011 buyout valuing Nuance at 676 million Swiss
francs, the group has been 50 percent owned by private equity
firm PAI Partners and 50 percent owned by Italian retailer
GruppoPam through its subsidiary GECOS.
Banks have been invited to take part in a so-called beauty
parade to advise on a possible IPO, which could be launched
later this year, two of the sources said, who asked not to be
named as the matter is not public.
The Nuance Group and PAI Partners Dufry declined to comment.
GruppoPam could not immediately be reached for comment.
($1 = 0.8834 Swiss francs)
(Reporting By Anjuli Davies; Editing by Steve Slater)