Worldpay to hire banks for its 6 billion pound London float: Sky News

Reuters News
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Posted: Jun 04, 2015 6:02 PM

(Reuters) - Payment processing company Worldpay is set to hire six banks to lead the company's London stock market listing, valued at 6 billion pounds ($9.22 billion), Sky News reported on Thursday.

Advent International and Bain Capital, which bought Worldpay from Royal Bank of Scotland in 2010, are close to hiring Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch as global coordinators for the share sale, the multimedia news site said, citing sources.

The appointment could be as soon as this year, the broadcaster said.

The company also chose Barclays Plc, Credit Suisse AG and UBS as bookrunners on the deal, which could net the six investment banks tens of millions of pounds in fees, Sky News said.

Morgan Stanley and Worldpay declined to comment.

Worldpay also hired investment bank Lazard as an adviser to prepare for a floatation.

The London-based company is expected to record around 400 million pounds of pre-tax profit in 2015, which could value it between 5.6 billion and 8 billion pounds, Sky News said.

The company will also now have to look out for a new chairman to substitute for current chairman John Allan, who is set to step down from his role later this year, according to the company's website. (http://bit.ly/1dhSyLb)

Worldpay processes 26 million transactions daily and its half-yearly underlying revenue of 1.73 billion pounds ($2.66 billion)was up 6.1 percent in the period ended June, 2014, according to the company website.

Goldman Sachs, Bank of America Merrill Lynch, Barclays, UBS and Credit Suisse also could be reached immediately for a comment outside regular business hours.

(Reporting by Rishika Sadam in Bengaluru; Editing by Chris Reese)