TA Associates plans London IPO of $ 2 billion Czech payment firm Eurowag – Sources

By Abhinav Ramnarayan and Jan Lopatka

LONDON / PRAGUE (Reuters) – Private equity firm TA Associates is considering listing in London the payment solutions of Czech firm WAG, also known as Eurowag, two sources said, reaffirming the ability of the exchange of London to attract European businesses after Brexit.

Citi, Jefferies and Morgan Stanley have been appointed global coordinators to manage the transaction, which could be launched as early as September, the sources said.

One added that the deal could value the Czech company at over $ 2 billion and that it would target premium listing and inclusion in London’s FTSE indices.

Eurowag was not immediately available for comment. Citi and Morgan Stanley declined to comment while Jefferies and TA Associates were not immediately available for comment.

Such an agreement would strengthen London’s status as an international listing location for European companies after Brexit.

Other Eastern European companies looking for an international listing, such as InPost in Poland, have chosen Amsterdam instead this year.

Eurowag was founded by majority shareholder and CEO Martin Vohanka in 1995 and has grown into an international technology company supporting trucking activities with customers in 30 countries, primarily across Europe.

The company achieved a profit before interest, taxes and depreciation (EBITDA) of 57 million euros in 2020, up 22%, on a turnover of 125.5 million euros and an EBITDA margin by 46%.

It employed over 1,000 people last year and claims it provides services for over 100,000 trucks, including fuel and toll payment, routing, fleet management, fuel sales and support. to electric mobility. He has acquired peers across Europe.

Vohanka, who is also a philanthropist and supporter of independent media and green transitions, owns a 59.1% stake in the company, while TA Associates owns 32.67%, according to the 2020 annual report.

(Reporting by Abhinav Ramnarayan and Jan Lopatka; Editing by Kirsten Donovan)

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