Blackstone Group Inc. and CVC Capital Partners Ltd. are preparing for the potential stock market listing of their portfolio company Paysafe Group PLC, Reuters reported, citing people familiar with the matter.
The London-headquartered payments processing firm could value at over $10 billion, including debt, in an IPO, sources said. It was acquired by the buyout firms in 2017 in an approximately £3 billion deal.
The company's earnings are rising at a double-digit percentage pace, said two of the sources, with one adding that it could generate approximately $600 million of EBITDA in 2020, an increase from $525 million in 2019.
The private equity owners are expected to talk with investment banks in November as they look for underwriters for the potential IPO, the sources added. They could also consider selling the business should they receive an offer from potential suitors.
Reuters reported that Blackstone, CVC and Paysafe did not comment on the matter.