22nd Jan 2015 09:40
LONDON (Alliance News) - Private equity firm KKR Thursday said it has bought thetrainline.com from owner Exponent for an undisclosed sum, diverting the online rail ticket platform from its planned a London market listing.
Trainline had been set to list on the London Stock Exchange in an initial public offering (IPO) that was set to raise about GBP75 million and value the company at about GBP500 million by market capitalisation.
Exponent, which invests in companies headquartered in the UK with enterprise values between GBP75 million and GBP350 million, bought Trainline for GBP163 million from a consortium of shareholders including Virgin, Stagecoach Group PLC and National Express Group PLC in 2006.
Exponent also is the main selling shareholder of tool and equipment hire business HSS Hire Group Ltd, which on Thursday set the expected price range for its London Main Market IPO at between 210 pence to 262 pence per share. At the mid-point of the price range, HSS will have a market capitalisation of about GBP365 million on admission to the main market of the London Stock Exchange.
HSS, which was acquired by Exponent in 2012 for an undisclosed sum, is looking to raise GBP103 million for the company by going public, with the proceeds to be used to reduced debt and provide more room for capital expenditure to drive growth.
Final pricing is expected on or around February 4, with conditional dealings expected to begin on the same day.
By Samuel Agini; [email protected]; @samuelagini
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