Private equity firm Carlyle Group LP is exploring a U.S. listing for London minicab company Addison Lee PLC, Bloomberg News reported, citing people familiar with the matter.
Addison Lee would be sold into a special purpose acquisition company that would be floated in an IPO to raise funds, with Addison Lee to take on the public listing in New York after the takeover is completed, according to the sources, who asked not to be identified because the deliberations are private.
Carlyle Group is working with investment banks Jefferies Financial Group Inc. and Cowen Inc. for the potential listing, the sources told the news outlet.
The sources noted that the talks are at an early stage and no final decisions have been made, and Carlyle Group may choose to keep Addison Lee or sell it, according to the Aug. 28 report.
Addison Lee was acquired by Carlyle Group for roughly £300 million, including debt, in 2013. The unit has faced competition from the rise of ride-hailing companies such as Uber Technologies Inc., the news outlet noted. Earlier in 2019, Carlyle Group was reported to be considering a sale of Addison Lee, with the unit thought to be worth about £800 million.
Representatives for Carlyle Group and Jefferies declined to comment, while representatives for Addison Lee and Cowen could not immediately be reached for comment, Bloomberg reported.
