UK-based CVC Capital Partners is planning to float between 25 and 30 percent of bpost this summer, according to a source close to the matter.
The firm is not far from obtaining regulatory approval to proceed with the transaction, the source said, which would allow for the process to gather pace within the next few weeks.
It would be the first IPO in Brussels since Biotech company Movetis raised €85 million in 2009, and the largest since metals business Nyrstar’s €1.74 billion listing in 2007.
Bpost, Belgium’s incumbent and largest postal operator, generated €2.3 billion in revenues last year. More than 80 percent is derived from its mail business unit.
CVC first invested in the business alongside its portfolio company Post Danmark in 2006, in a deal valued at €300 million. It now holds 50 percent minus one share in the company, the remainder being owned by the Belgian state.
The firm could make between €550 million and €900 million from the flotation, according to reports published in the Belgian press.
The news comes shortly after Donald MacKenzie, Rolly van Rappard and Steve Koltes succeeded Mike Smith as co-chairmen of the company last January, after the firm’s founder announced his intention to retire at the end of last year.
The firm also is in the process of raising its European Fund VI, which has a €9 billion target and no hard-cap.