The CVC Capital Partners major private equity firm has announced plans to raise over €1.25 billion ($1.32 billion) through an initial public offering (IPO) in Amsterdam.
The company has been a major player in terms of investment into sporting properties in recent years, having taken a stake in European rugby union’s Six Nations, as well as shares in commercial entities set up by the major soccer leagues in France (Ligue 1) and Spain (LaLiga).
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It also holds a minority stake in the commercial rights of women’s tennis’ WTA, through a deal unveiled in March 2023.
CVC will carry out its IPO on the Euronext exchange in the Dutch city, aiming to raise €250 million through selling new shares, with investors also set to sell stock.
It has been reported that through the IPO, CVC is looking for a valuation between €13 billion and €15 billion.
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The IPO will involve shareholders including the Kuwait Investment Authority, a Singaporean sovereign wealth fund, and the Hong Kong Monetary Authority, selling shares.
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By GlobalDataBlue Own Capital, which holds an 8% stake in the company, will increase its stake, it has been confirmed.
Rob Lucas, chief executive at CVC, said: “We have spent more than 40 years building the CVC network and developing a unique entrepreneurial culture centered on delivering consistent investment outperformance for our clients.
“We believe an IPO of CVC provides an enduring long-term institutional structure to support further growth, we remain completely focused on the continued success of CVC, and neither I nor any of my active partners are selling shares.”
Lucas added: “It’s a serious situation, we have been giving it a lot of consideration and thinking about it very carefully.”
Over recent years, CVC’s rivals in terms of private equity firms investing in sport, such as Blackstone, EQT, and KKR, have all listed shares in IPOs.
CVC reportedly was close to taking part in IPOs in May 2022 and in November last year.
In total, CVC is understood to manage around €186 billion worth of assets.
