Illion suitors walking away

The sales process for the credit-checking company Illion looks likely to be extended for a number of weeks, with final contenders for the business said to be backing away from an acquisition.

Most of the groups in the mix in the late stage of the contest are said to have downed pens only days ahead of when final bids are due on November 22.

This date is now likely to be pushed back.

Macquarie Group and Unisuper are said to be out of the contest, along with Blackstone, sources say. So are the other final contenders Bain Capital, Carlyle Group and Keppel Infrastructure.

Pacific Equity Partners may also have walked away.

Interestingly, it is thought private equity firm Odyssey was in the final mix, although some doubt whether any final contenders are gunning hard for the asset.

While EQT Infrastructure was said to be looking, it is not understood to have been there in the later stages.

TPG Capital, which at one stage had been examining the business, was believed to be working with advisory firm Jefferies, while The Carlyle Group is understood to have had Morgan Stanley in its corner.

It is thought part of the reason some bidders have walked away from Illion is the bullish $1.5bn-plus price tag and issues some of the parties have had with how to commercialise Illion’s data.

Archer Capital is selling Illion after it purchased the business from the owners of Dun & Bradstreet for $220m in 2015.

It generates $70m to $100m in annual earnings before interest, tax, depreciation and amortisation.