* Concardis owners eye complete or partial sale - sources
* Investor sought for investments in new technologies -
* Deutsche Bank, Commerzbank expected to sell stakes -
(Adds names of potential bidders)
By Arno Schuetze and Alexander Hübner
FRANKFURT, Oct 6 German banks are putting
jointly-held payments group Concardis up for sale, with the
group seeking a partner for investments in new technologies,
people close to the matter said on Thursday.
Concardis offers card payment terminals as well as payment
technology for e-commerce groups and may appeal to peers as well
as to private equity companies, the people said.
It posted core earnings of 33.9 million euros ($37.9
million) and a net profit of 24.2 million euros on sales of 480
million euros last year. It said in its annual report that core
earnings were expected to rise 7 percent this year.
If valued in line with listed peers, which trade at 10-15
times their expected core earnings, Concardis may fetch 360-550
German savings banks and privately-held banks each own 39
percent of Concardis. Another 20 percent is held by cooperative
Shareholders including Deutsche Bank, Commerzbank
and Unicredit have signaled they want to
sell out, while some of the other lenders may stay partially
invested, one of the sources said.
Concardis has already received a number of expressions of
interest from buyout groups as well as other payment systems
suppliers. It is currently preparing data for potential bidders
and is expecting to receive first offers by early November, the
Private equity groups with expertise in financial assets
such as Advent and Bain - the former owners of Worldpay
- as well as Permira and Warburg Pincus are expected to bid for
Concardis, the sources said.
It may also appeal to peers such as France's Ingenico
and Atos, U.S.-based First Data or
Concardis, which is working with KPMG and Deloitte but
without the help of an investment bank, declined to comment, as
did its owners.
($1 = 0.8950 euros)
(Reporting by Arno Schuetze and Alexander Huebner; Editing by