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

  • 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).
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