Moto, the motorway service station company, is moving closer to being put on the market for over £2 billion by its owners, which includes Hargreaves Lansdown bidder CVC.
CVC Capital Partners, the private equity firm, and pension firm Universities Superannuation Scheme – Moto’s two owners – are reported to have hired Rothschild to oversee the sale.
An auction for the motorway services group is expected to begin later this year and could see a buyer pay up to £3 billion should demand the company be strong.
Moto operates out of close to 50 sites in the UK and has built partnerships with the likes of Tesla, KFC and Pret a Manger.
Back in 2015, CVC bought a 40% stake in Moto reported to be worth around £400 million.
Today, a consortium including CVC Advisers had its low-ball takeover bid for Hargreaves Lansdown, the investment platform, rejected.
Priced at 985p per share, the offer by CVC, Nordic Capital and Platinum Ivy, a subsidiary of Abu Dhabi’s sovereign wealth fund, barely added a percentage point onto the trading platform’s Wednesday closing price.