The
three private equity groups have been asked to produce final
bids in coming weeks, the people said.
Bankers close to the deal said they were working on debt
financings of around 1.5 billion euros or 5.5 times Xella's
annual core earnings of 270 million euros.
Xella's owners - PAI Partners and Goldman Sachs' investment arm
- are hoping to sell the group at an expected valuation of eight
times core earnings, sources close to the deal have said in the
past.
Listed sector peers such as Wienerberger, Braas Monier or Etex
trade at roughly six to seven times their expected core
earnings.
The private equity groups and Xella's owners declined to
comment.
An attempt to float Xella, whose brands include Ytong, Hebel and
Silka, on the stock exchange failed last year.
($1 = 0.9179 euros)
(Reporting by Claire Ruckin, Alexander Hübner and Pamela
Barbaglia; editing by Susan Thomas)
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