Douglas - comment

It’s finally happening. First trading day is set for Thursday next week. Price range will be €26-30/share for up to 32.7m (+1.9m management) shares to float up to €900m on the Frankfurt Stock Exchange or approx. 30% of free-float of a €3bn market cap. To reach that deleveraging, CVC - as flagged - will have to inject €300m, which together with approx €850m of primary offering proceeds will be used to reduce debt to levels lower than some US comps and seen as appropriate by your proverbial German dentist, who is expected to buy most of the shares.