Four bidders are expected make offers for Global Refund, which runs a service that enables travellers to claim back tax on purchases, as the second round deadline looms tomorrow.
A source close to the auction said bidders for the business owned by Apax Partners include Barclays Private Equity, HgCapital and Macquarie. Its private equity owner has put a price tag on the company of around €400 million ($523 million).
Apax appointed corporate finance house Hawkpoint to advise on a strategic review earlier this summer.
The European buyout firm backed a $160m (€119m) management buyout of Global Refund from US conglomerate Cendant Corporation in 1999.
Apax bought the business with privately owned Irish-based financial services group Fexco, which is owned by the Kerry-based entrepreneur Brian McCarthy. Apax has a majority stake in Global Refund, while McCarthy has sold his stake.
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