Investcorp plans Moneybookers IPO -sources
Co-CEOs had mulled 400 mln euro-plus sale last year.
October 8, 2010 9:00 by Reuters
Investcorp , the Bahrain-based investment bank, plans to float Moneybookers, the fast-growing European online payment firm it tried to sell last year, three people familiar with the matter said on Thursday.
Investcorp has hired Morgan Stanley and Jefferies to help prepare for a stockmarket listing, the people said.
Moneybookers hired JPMorgan to explore a potential sale last year but later shelved the auction.
Its co-chief executives told Reuters then that it had been approached by major internet companies, U.S. payment processors and private equity firms about a potential deal and it could fetch more than 400 million euros ($560 million).
London-based Moneybookers competes with online auctioneer eBay’s Paypal service, and with money transfer companies including Western Union Co for “peer-to-peer” business such as helping expatriates send money home.
Investcorp and Moneybookers declined to comment.
Investcorp has owned a majority stake in Moneybookers since March 2007.
(Editing by Greg Mahlich)