British Car Auctions prepares to float - report

Reuters

LONDON (Reuters) - British Car Auctions (BCA), the UK's largest seller of second-hand vehicles, is lining up a team of banks for a stock market listing planned for after the summer, the Sunday Telegraph newspaper reported, without citing sources.

BCA's owner, private equity firm Clayton Dubilier & Rice, is close to instructing a total of six banks, led by UBS , HSBC and Numis Securities, for an initial public offering, the newspaper said.

Established more than 60 years ago, BCA operates in 13 countries and sells around 1 million vehicles a year, according to its website.

It could be worth as much as 1.2 billion pounds ($2 billion), the Sunday Telegraph added.

BCA was bought by Clayton Dubilier & Rice in 2010 for around 400 million pounds.

Neither firm was immediately available for comment.

($1 = 0.5876 British Pounds)

(Reporting by Clare Hutchison; Editing by Mark Potter)

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