Private equity firm CVC has postponed plans for a European initial public offering (IPO) this year, a person with direct knowledge of the plans said on Wednesday.
Europe's biggest buyout group decided not to go ahead with the listing due to unfavorable market conditions, the person said, speaking on condition of anonymity.
CVC was planning to raise around 1 billion euros ($1.05 billion) through the IPO, which was expected to be launched in November in Amsterdam, Reuters previously reported.
CVC declined to comment.
The FT was first to report that the IPO had been postponed.
The fund joins a string of companies that ditched IPO plans after weeks of turbulent markets. Germany's DKV Mobility, tank supplier Renk and French software company Planisware all scratched plans to debut on European stock markets in recent weeks.
Some of CVC's institutional backers had planned to sell shares in the buyout group as part of the IPO, people familiar with the matter told Reuters on Oct. 19. The private equity firm's partners were not expected to sell stock through the IPO, the people said.
CVC, which oversees more than 160 billion euros in assets, has been striving to transform itself into a diversified asset manager.
In September it announced a deal to acquire infrastructure manager DIF, and last year, it completed a tie-up with secondaries manager Glendower.
($1 = 0.9496 euros)
