Bloomberg News

Blackstone’s Intertrust Said to Hire Four Banks for IPO

August 05, 2014

Blackstone Group LP (BX:US) has hired four banks including Morgan Stanley (MS:US) and UBS AG (UBSN) for an initial public offering of Dutch financial-services company Intertrust Group Holding SA, said three people with knowledge of the matter.

ABN Amro Group NV and Deutsche Bank AG (DBK) were also chosen to work on the possible sale, in which the owner may seek a valuation of about 2 billion euros ($2.7 billion) including debt, two of the people said, asking not to be identified as the details aren’t public.

Intertrust, which Blackstone agreed to buy in December 2012, is among private equity-owned firms seeking to sell shares as their owners plan exits. Permira Advisers LLP is discussing a potential sale of its remaining stake in German fashion house Hugo Boss AG, Bloomberg News reported on Aug. 1.

Intertrust recently refinanced its debt to help fund a dividend of about 320 million euros to Blackstone, people with knowledge of the matter said in March. The Amsterdam-based company provides tax and other business services for private equity, wealthy individuals and companies, and employs 1,500 people across 24 countries, according to its website.

Representatives for New York-based Blackstone and the investment banks declined to comment. A spokesman for Intertrust didn’t immediately respond to phone calls and e-mails requesting comment.

Blackstone, the world’s biggest manager of alternatives to stocks and bonds, paid almost 700 million euros to acquire Intertrust, one of the people said.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net; Kiel Porter in London at kporter17@bloomberg.net

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net Elizabeth Fournier, Steve Bailey


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Companies Mentioned

  • BX
    (Blackstone Group LP/The)
    • $29.89 USD
    • -0.93
    • -3.11%
  • MS
    (Morgan Stanley)
    • $33.96 USD
    • 0.53
    • 1.56%
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