Pan-European private equity company Bridgepoint is looking to sell the Infront Sports & Media agency and has approached multiple potential buyers, according to the New York Post.
Bridgepoint acquired Infront for about €550m ($737m) in September 2011 and the US newspaper, citing several sources, said it is seeking $1bn for the agency.
Bridgepoint is said to be looking for a deal that values Infront at up to 12 times earnings. “They’ve sent out letters to people, but they’re doing it on a selective basis,” a source familiar with the talks told the Post.
US financial advisory and asset management firm Lazard has reportedly been engaged to lead the process, with media group Vivendi, along with investment firms TPG, Blackstone, Silver Lake and Providence Equity Partners, said to be among the parties approached over a takeover.