Australia's Champ Ventures eyes SG Fleet IPO in early 2014

By VCPOST Staff Reporter

Jan 07, 2014 02:48 AM EST

Buyout group Champ Ventures plans to offload its 42% interest in motor vehicle fleet leasing and management firm SG Fleet through an initial public offering (IPO). The said sale is due by the end of this year's quarter, according to Business Spectator.

The planned share sale is worth $500 million. This will be the first sizable IPO confirmed for the Australian bourse for 2014's first quarter, the report stated.

Goldman Sachs Group Inc and Morgan Stanley have been appointed as the joint lead managers of the IPO, the report added.

South Africa-based supply chain manager Super Group currently holds a 51% stake in SG Fleet. The management of the leasing firm also has a shareholding in the company that is around 7%, Business Spectator reported.

In a statement, Super Group said of the planned IPO: "Super Group notes that Champ is currently exploring alternatives for its 42 per cent minority shareholding. This is consistent with the shareholding arrangements entered into between Super Group and Champ in 2011."

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