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Follow on Google News | JSM Financial: Royal Bank of Scotland’s Global Merchant Services unit sale draws big names.Over 40 companies have shown interest in acquiring RBK’s Global Merchant (GMS) unit.
By: JSM Financial The sale of the GSM unit which includes the WorldPay business has already seen interest from over 40 firms since the announcement to sell was made, although all of these are not expected to follow through and still others are looking at mounting collaborative bids. Some of the top private equity firms expected to participate in the bidding include KKR, Warburg Pincus, Permira and Silverlake. JSM Financial has learned that Advent International and Bain Capital intend mounting a joint bid. Industry sources expect the business to sell for between 2 and 3 billion pounds sterling. JSM Financial research has shown that Royal Bank of Scotland’s GSM unit is rated as the biggest payment-processing firm in Europe and the fourth largest in the world. According to the bank the unit made an operating profit of $420 million in 2008 and according to sources with knowledge of the matter its current earnings before interest, tax, depreciation and amortization are around $396 million (£260 million). # # # JSM Financial is an independent broker focused on the realization of superior returns from seed stage and early-stage equity investment and active partnerships with exceptional entrepreneurs building market-leading technology companies. End
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