Denmark's ISS breaks off talks with Apax: source
The owners of international services group ISS broke off talks on a takeover by British private equity group Apax Partners to pursue an initial public offering of shares, an ISS source said Friday.
The owners of the catering, cleaning and security services giant "are counting on an IPO, which would be more advantageous because of the evolution of the market and have given up pursuing exclusive (takeover) talks with Apax," a management source who requested anonymity told AFP.
ISS was listed on the Copenhagen Stock Exchange until 2005, when it was bought by Goldman Sachs Capital Partners and EQT, a group of private equity funds, for over 22 billion kroner (2.95 billion euros, 3.75 billion dollars), including debt of 15 billion kroner.
"Our owners have confirmed that they believe in ISS and its strong potential by favouring an IPO over a total sale of their shares," the Copenhagen-based company's financial director Jacob Stausholm said Friday.
"An IPO will allow our owners to benefit from the growth in value" of ISS stock, he told the online edition of Danish business daily Boersen.
ISS was founded in the Danish capital in 1901 and now has some 520,000 employees in 53 countries.
The company is present in six sectors, including cleaning and security services. Its turnover was 69 billion kroner in 2009.
© 2011 AFP