British payments processing firm Worldpay is set to take a step nearer a stock market listing by appointing Barclays’ deputy chairman Michael Rake as its new chairman on Wednesday, people familiar with the matter said.
Worldpay is owned by Advent International and Bain Capital, who are looking to list it on the London stock market with a valuation of about 6 billion pounds ($9.4 billion), possibly later this year, sources said.
The private equity firms bought Worldpay from Royal Bank of Scotland in 2010 and could sell it to another investor, but a listing is the preferred option, two sources said.
Private equity firms CVC and Hellman & Friedman are considering separate bids for Worldpay, sources said. JPMorgan , which was reportedly seen as a bidder, has no plans to enter the fray, two sources said.
Rake has been on Barclays’ board for seven years and its deputy chairman since July 2012. As its senior independent director he was a key figure in the abrupt removal of Chief Executive Antony Jenkins last week.
“It became clear to all of us that a new set of skills were required for the period ahead,” Rake said in a statement when Jenkins left, adding he discussed changing the CEO with other non-executives.
Rake had not yet resigned from Barclays and could remain on its board until the end of the year if the regulator allows it, sources said.
Rake is also chairman of BT Group, and investors typically ask people to “comply or explain” if they are chair of more than one major company.
Rake is one of the City of London’s best-known businessmen. He spent over 30 years with KPMG, where he was chairman of KPMG International and is also president of the Confederation of British Industry.
He will replace John Allan as Worldpay’s chairman. Allan, who is also chairman of retailer Tesco, said in May he intended to step down as Worldpay chairman this year but would remain on its board.
Worldpay processes 26 million transactions daily and made underlying earnings before interest, tax, depreciation and amortisation of 375 million pounds ($586 million) last year, up from 346 million in 2013, on revenues of 3.7 billion pounds. ($1 = 0.6402 pounds)