Apax nears a deal for Warburg Pincus’s Odido stake after IPO delay
The joint owners of Dutch operator Odido may part ways: the Financial Times says Apax is nearing an agreement to acquire Warburg Pincus’s holding. The companies already hold Odido together; the possible purchase would change that joint ownership after an Amsterdam listing was postponed in February. A company valuation of about €6.5 billion has been reported, but no stake transfer or agreed terms have been announced.
Economics & Markets··Evening
Apax moves toward buying out its partner
A change of ownership at Dutch operator Odido is under negotiation. On 26 September the Financial Times reported that Apax was close to acquiring the holding of its current partner, Warburg Pincus. The two private equity firms are existing co-owners, so this is a potential transfer within the ownership group rather than the purchase of Odido by an unrelated newcomer. The negotiation is at an advanced stage; no transfer has been completed. Until the parties settle the price and documentation, Warburg Pincus’s stake remains where it is. For Odido, the central issue is whether one owner will take over its partner’s position in the company.[1]
The Amsterdam listing was postponed
Odido had considered a stock-market listing in Amsterdam, but that plan was postponed in February. A private stake sale would give the existing investors another route for changing ownership after the flotation delay. The reported value of the company is about €6.5 billion. A whole-company valuation is not the same as the price Apax would pay for Warburg Pincus’s stake; the size of the stake and deal terms determine that amount. No final consideration has been made public. The postponed listing supplies the immediate background for why a negotiated ownership change is now under discussion.[1]
Terms remain unannounced
Apax and Warburg Pincus declined to comment on the reported talks. Odido and STC, another possible suitor mentioned in coverage of the process, did not answer questions outside business hours. Those responses do not confirm a transaction or establish competing final bids. The Financial Times account says Apax is near an agreement for its partner’s holding, while the exact structure and timetable have not been announced. Odido continues to operate as a Dutch telecoms company during the negotiations. Any ownership change would require an actual agreement and closing; so far only the progress of the talks is known.[1]
