Candover's Parques Reunidos Sale Delayed Until Autumn-Sources
July 15 2010 - 2:19PM
Dow Jones News
Candover has postponed the sale of Spanish theme park operator
Parques Reunidos until after the summer, people familiar with the
situation told Dow Jones Newswires Thursday.
Second round bids from Providence Equity Partners, Apollo
Management and a consortium of Advent International and Carlyle
Group were expected shortly, people said.
However the bidders want to wait to see if the company meets its
budget targets, a key concern while Spain's economy remains in the
doldrums and the recession has curtailed travel and tourism
especially in Europe, people said.
Candover had originally planned to list Parques Reunidos and in
May hired JP Morgan Chase & Co. (JPM), Credit-Suisse Group (CS)
and Morgan Stanley (MS) to run the process.
The chances of a flotation receded amid renewed market
turbulence that halted a number of large IPOs, especially those
backed by private equity.
Candover bought Parques Reunidos for around EUR900 million and
had been hoping to get as much as EUR2 billion on a sale, according
to a recent press report.
-By Marietta Cauchi, Christopher Bjork and Jessica Hodgson of
Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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