CVC to list shares in Amsterdam

... as UK commodities broker heads to NY

CVC has revived plans to list in Amsterdam in a deal worth up to £13bn in a fresh setback for London.

The private equity giant abandoned an initial public offering (IPO) in 2022 and again in 2023 due to market uncertainty.

But despite ongoing conflict in the Middle east, sources say the buyout firm is confident that the listing will go ahead.

The move makes CVC the latest big company to overlook London’s stock market.

It follows a major blow when Cambridge-based chipmaker Arm floated in new York last year. And in a further setback yesterday, British commodities broker Marex was valued at £1.2bn as it launched its stock market listing in new York.

Luxembourg-based CVC owns stakes in watch brand Breitling, fashion firm Forever 21-owner Authentic Brands, Six nations Rugby and breakdown and insurance group RAC.

CVC announced yesterday it will sell new and existing shares to investors as it seeks to raise around £220m. The move looks set to value it at as much as £ 13bn. Three long- standing shareholders – Danube, which is owned by Singapore’s sovereign wealth fund, Kuwait Investment Authority and hong Kong’s Stratosphere – are planning to sell some of their shares.

Meanwhile, new York’s Blue Owl Capital – one of CVC’s biggest investors with an 8pc stake – has indicated it will increase its holding.

CVC chief executive Rob Lucas said: ‘We believe an IPO of CVC provides an enduring long-term institutional structure to support further growth, we remain completely focused on the continued success of CVC and neither I nor any of my active partners are selling shares as part of this transaction.’

Recent european listings include Dusseldorf-based perfume brand Douglas, which was owned by CVC, Swiss skincare firm Galderma and German defence contractor Renk in the first quarter of this year.

In the City, the IPO market has started to recover after crashing to a record low last year.