TPG Set To Drop Out Of Run For RBS' Merchant Services Unit-Source

Date : 06/14/2010 @ 10:46AM
Source : Dow Jones News
Stock : Ciber, Inc. (PC) (CBRIQ)
Quote : 0.00675  0.00045 (7.14%) @ 3:43PM

TPG Set To Drop Out Of Run For RBS' Merchant Services Unit-Source

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TPG is set to withdraw from the auction for Royal Bank of Scotland Group PLC's (RBS) Global Merchant Services payments-processing unit, a move that could jeopardize the competitive process, a person familiar with the situation said Monday.

RBS has indicated that it wants TPG to team up with U.S. buyout firm Clayton, Dubilier & Rice, which is also bidding, but TPG is unlikely to go that route, the person told Dow Jones Newswires.

If a joint bid isn't forthcoming, RBS could be left with just one bid from Advent International, which is bidding jointly with Bain Capital.

The RBS unit is being sold by the 83%-government owned bank as part of a disposal program forced on it after being bailed out by the state. It hired UBS AG (UBS) to run the auction a few months ago and wants to close the deal in the second half of the year.

Global Merchant Services' biggest asset is RBS Worldpay, which processes credit card payments in 40 different countries. The unit was expected to attract up to GBP2.5 billion.

-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

(Patricia Kowsmann contributed to the story.)

 
 

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