Six firms bid for RBS payment-processing arm
The bank is considering six offers for its Global Merchant Service
Royal Bank of Scotland (RBS) is reviewing six bids for its
Global Merchant Service as it looks to negotiate the sale of the
The bidding process for the £2.7 billion division has reached
its second round, with the bank confirming two or three firms will
be chosen for the final round.
RBS could pick the shortlist by next week, while officials
claimed that a deal could be reached by the third quarter of this
The six bidding groups are: Clayton, Dubilier & Rice;
American Express Co and Permira; Atos Origin, CVC Capital Partners
and Welsh, Carson, Anderson & Stowe; Advent International and
Bain Capital; Canada's Moneris Solutions; and TPG.
Warburg Pincus, a previous suitor for the division, is no longer
considering a deal.
Many equity buyers have been told by RBS that they must join up
with a strategic partner if they are to be successful.
GMS handles over half of the face-to-face credit and debit card
transactions in the UK, and the bank claims an equity firm would be
unable to run a complex payment company.