Blackstone has appointed Goldman Sachs and Eastdil Secured to advise on the future of its €13bn Logicor business ahead of an expected IPO of the company next year.
Despite uncertainty in the financial markets it is understood that an IPO rather than a trade sale of the company is considered to be by far the most likely future for Logicor by Blackstone.
Should Blackstone pursue an IPO, a range of further advisers and investment banks will be needed to undertake the process formally alongside the duo.
The long-anticipated disposal of Logicor will inevitably draw attention from direct purchasers too, however, with GIC, the now owner of P3 following its €2.4bn acquisition earlier this month, willing and able to write a cheque to buy the company outright, as revealed by Estates Gazette last week.
P3 deal gives GIC Logicor advantage >>
Before any IPO or sale, however, it is likely that Blackstone will pursue further refinancings within Logicor to reduce its costs, with some of the debt it put in place towards the start of when it began building up the company in 2012, substantially more expensive than terms on offer at present.
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