Report: Carlyle spurns bid for Applus; will take public instead

|About: The Carlyle Group (CG)|By:, SA News Editor

Carlyle Group (CG) will forego a bid for all of Spanish certification company Applus from BC Partners, and instead cash in part of its stake through a Madrid IPO, reports the FT. Together with online travel agent eDreams Odigeo, the two will be the first new listings in Spain since the ill-fated offering of Bankia three years ago.

The move shows how private equity bidders are struggling to keep up with public valuations constantly on the march higher. BC's bid reportedly valued Applus at about €2B, well less than the €2.3B valuation Carlyle expects to get in a listing (it purchased the company in 2007 for about €1.5B).