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Report: 2 Swiss KKR-backed companies target September IPOs

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Report: 2 Swiss KKR-backed companies target September IPOs

KKR & Co.-backed Selecta Group BV and SoftwareONE AG are planning September IPOs to avoid potential market volatility tied to the U.K.'s planned exit from the EU, Reuters reported.

Vending machine operator Selecta could announce its flotation plans later this month, with a valuation of CHF3 billion, Reuters said, citing bankers with knowledge of the situation.

The private equity backer is likely to put about 33% of Selecta up for sale, indicating a potential deal size of approximately CHF1 billion, the report noted. Selecta provides self-service machines for companies, including Starbucks and Lavazza.

IT consultancy SoftwareONE, in which KKR has a 25% stake, is looking to launch a CHF1 billion to CHF1.5 billion IPO this month, Reuters reported, citing two further sources.

SoftwareONE's potential IPO is expected to include primarily existing shares, so the company would make little to no proceeds, the report said.

Credit Suisse, KKR Capital Markets, Citigroup and Goldman Sachs are working on the potential Selecta transaction, with assistance from Berenberg, BNP and Jefferies, two sources told the news outlet.

Neither KKR nor the Swiss companies commented, and the banks declined to comment or were not immediately available for comment, according to Reuters.