Reuters: PPD explores sale, IPO

WILMINGTON, NC (WWAY) — Wilmington-based PPD is considering a sale or IPO that could value the company at $7-8 billion, according to Reuters.

According to an exclusive report, Reuters cites “people familiar with the matter” in reporting that Carlyle Group LP and Hellman & Friedman LLC, the private equity owners of the contract research organization, have reached out to investment banks about appointing financial advisers to PPD. Click here to read more at Reuters.com.

“PPD doesn’t comment on speculation and rumor in the marketplace,” PPD spokesman Ned Glascock said.

Carlyle and Hellman & Friedman finalized a $3.9 billion purchase of PPD in December 2011. As a result of the deal, PPD’s common stock was no longer listed for trading on NASDAQ.

Some in Wilmington had speculated work on the sign at PPD’s world headquarter downtown foretold possible change. Glascock says crews are simply upgrading the signage to more efficient LED lighting.