TPG Back In Run For RBS' Merchant Svcs Unit - Source

16th Jun 2010 17:16

By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--TPG Inc. is back in the running for Royal Bank of Scotland Group PLC's (RBS) Global Merchant Services payments-processing unit after it agreed to tie up with buyout firm Clayton, Dubilier & Rice, a person familiar with the situation said Wednesday. The consortium is now competing with Advent International and Bain Capital, which also have tied up for the deal, valued at up to GBP2.5 billion. Global Merchant Services' biggest asset is RBS Worldpay, which processes credit-card payments in 40 different countries. The auction, which is being run by UBS, initially attracted numerous offers from private equity firms. Once RBS picks a bidder, it will enter into exclusivity talks. A deal is expected to close in the third quarter. The RBS unit is being sold by the 83%-government owned bank as part of a disposal program forced on it after being bailed out by the state. -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires June 16, 2010 12:16 ET (16:16 GMT)