Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
European private equity firm CVC Capital Partners has decided to postpone plans to float until next year because of market turbulence, according to two people with direct knowledge of the decision.
The delay to CVC’s plans to list in Amsterdam extends a two-year saga over whether it will follow rivals on to the public markets. CVC previously postponed its plans to list in the aftermath of Russia’s invasion of Ukraine last year.
Poor earnings results from publicly traded peers EQT and Blackstone in recent weeks, the uncertainty caused by conflict in the Middle East, and concerns about the state of the wider economy all contributed to the decision to delay the initial public offering, the people said.
“You can’t defy gravity,” one of the people said. “Market conditions aren’t there.”
The decision was taken on Wednesday after a meeting of the firm’s senior leadership. Its investment bankers working on the deal, including Goldman Sachs and JPMorgan Chase, were also informed, the people added.
This is a developing story
Read the full article here