September 17, 2014 / 3:20 PM / 4 years ago

UPDATE 1-IK Investment Partners seeks $900mln listing for offshore firm OV Group - sources

(Adds detail on companies)

By Freya Berry and Stephen Aldred

LONDON, Sept 17 (Reuters) - European private equity firm IK Investment Partners has tapped JP Morgan and Morgan Stanley to run a flotation of offshore services firm OV Group that could value the company at $900 million, two sources familiar with the matter said.

OV Group is targeting a Hong Kong listing, likely in the first half of 2015, the sources said on Wednesday, cautioning that the deal was still in its early stages and plans could change.

IK Investment Partners and JP Morgan declined to comment. Vistra, OIL and Morgan Stanley were not immediately available to comment.

OV Group consists of European company Vistra and Asian firm Offshore Incorporations Limited (OIL). Services include helping companies minimise their tax bills through the formation of offshore vehicles, and the creation of corporate ownership structures for yachts and aircraft.

OV Group counts Dutch private-equity backed companies Intertrust and TMF among its competitors. Intertrust, owned by Blackstone, is likely to list this year, the sources said.

Vistra was formed after Intertrust management quit the firm in 2006, and was bought by IK Investment Partners in 2009. IK then merged Vistra with the corporate services division of former Carlyle asset Offshore Incorporations in 2011, and now operates the firm alongside OIL.

OIL, which is headquartered in Hong Kong, says it is the world’s largest offshore company formation specialist, with clients in the Seychelles, Cayman Islands and Bahamas among others. (Editing by Pamela Barbaglia and Susan Thomas)

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