German payment services company Concardis is up for sale as Unicredit Deutsche Bank and Commerzbank are said to be selling their stakes as well as some of the other shareholders, Reuters wrote.
German savings banks and privately-held banks each own 39% of Concardis. Another 20% is held by cooperative banks.
If valued in line with listed peers, which trade at 10-15 times their expected core earnings, Concardis may have an enterprise value of 360-550 million euros. Actually the group posted core earnings of 33.9 million euros and a net profit of 24.2 million euros on sales of 480 million euros last year. It said in its annual report that core earnings were expected to rise 7% this year. Advisors for the deal are Kpmg and Delotitte and nonbinding offers are wexpected by early November.
Working at the dossier are some private equity group such as Advent, Bain, Permira, Warburg Pincus. Industrial peers are also studying the deal such as French groups Ingenico and Atos, German group B+S eand US-based First Data.
Italy’s Unicredit already sold processing activities of around 13.5 million payment cards and the management of 206,000 POS terminals and 12,000 ATMs in Italy, Germany and Austria to Italian payment infrastructure group Sia for 500 million euros (see here a previous post by BeBeez).