Spain's Bergé eyes auto unit IPO in 2024 - Expansion

SsangyongC&E Co

02/08/2023 07:32

MADRID, Aug 2 (Reuters) - Spanish logistics firm Bergé
has hired investment bank Lazard  LAZ.N  as a first step towards
a stock market debut for its automotive unit Astara planned for
next year, the newspaper Expansion reported on Wednesday, citing
people familiar with the plans.
    The goal is to raise cash through an initial public offering
to boost the subsidiary's transition into an integrated mobility
platform, Expansion said. 
    The group's valuation could be around 2 billion euros 
($2.20 billion), the report added.
    Astara, formerly named Bergé Automoción, is Bergé's main
business unit with an annual turnover of more than 5 billion
euros. 
    It specialises on car distribution - which currently
accounts for around 90% of its revenues - although in recent
years it has been boosting its mobility business, which offers
subscription-based car services, among others.
    Astara is the exclusive distributor in Spain for car brands
such as Mitsubishi, Subaru and SsangYong.
    The Expansion report added that both Bergé, which controls
75% of Astara, and the Mitsubishi Corporation  8058.T , which
owns the remaining 25%, could sell part of their stakes.
    According to the sources cited in the report, Bergé seeks to
retain control over Astara, so the placement of shares would
range from 25% - the minimum required to go public - to a
maximum of 49%.
     
($1 = 0.9101 euros)

 (Reporting by David Latona; Editing by Louise Heavens)
 ((david.latona@thomsonreuters.com; +34 918 35 68 13;))