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TMF Group ditches London IPO after CVC Capital 1.75 billion euro offer

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TMF Group ditches London IPO after CVC Capital 1.75 billion euro offer

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(Reuters) – Business services firm TMF Group said it would be bought by private equity firm CVC Capital Partners for 1.75 billion euros(£1.56 billion), ending its plans to list on the London Stock Exchange. The deal to buy TMF, which has been owned by DH Private Equity since 2008, is expected to complete in the first half of 2018. Netherlands-based TMF Group, which provides regulatory compliance and administration services, said this month it planned to raise 340 million euros from a London share listing in November, as the Dutch company aimed to reduce its debt. The listing would have been be one of the biggest on the exchange this year. London initial public offerings (IPOs) this year already outpaced 2016, a year marked by volatility and a string of pulled listings. TMF Group said on Friday that the deal with CVC would allow it to capitalise on “significant” future growth opportunities. The company provides financial, legal and staffing administrative services to multinational businesses globally with the bulk of revenue coming from Europe, Middle East and Africa. TMF Group was advised by Goldman Sachs International and HSBC Bank.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Edmund Blair)
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