Warburg Pincus wants to divest its stake in Swiss software firm Avaloq next year. The U.S. investor has given the mandate to organize the transaction to two investment banks.
Warburg Pincus owns 45 percent of Avaloq, a Freienbach-based maker of banking software. The U.S. firm aims to sell its stake next year and it has mandated two investment banks to proceed with the divestment.
Warburg Pincus is working with Goldman Sachs and Barclays for this purpose, according to a report by «Reuters». The two banks will either proceed with a divestment to another major investor or by selling the stake on the stock market.
Auction in Early 2020
The banks will start with an auction as early as in the first quarter of 2020, the report said. Juerg Hunziker, chief executive officer at Avaloq, didn’t want to give a specific timeframe in a comment to finews.com.
«We’re not disposing of an asset. On the very long term a future investor, owner, or entrepreneur will probably want to make something more out of it,» he said in an interview. «We’re not at all sprucing up the bride. We want to continue to build something of substance. Having said that, Avaloq is not for sale.»
