D'leteren exploring potential listing for Autoglass division Belron

(Sharecast News) - Shares in D'Ieteren advanced on Thursday after the Belgian investment group said it was exploring options for its windscreen-repair unit, which owns Autoglass, including a potential stock market listing. D'leteren, which has held a majority stake in Belron since 1999, said it was "evaluating strategic options regarding the minority shareholders' stakes in the company".

D'leteren currently holds just over 50% of the business unit, while sizeable minority stakes are held by PE firm Clayton Dubilier & Rice, Hellman & Friedman, GIC and BlackRock, along with smaller holdings held by the founding family and employees.

"Such options include, among others, a potential listing of Belron. No decision has been made at this stage regarding any specific option or its timing," D'leteren said in a statement.

The company did not disclose a potential location for the flotation, though the parent company is listed on Euronext Brussels.

Belron calls itself the "worldwide leader" in vehicle glass repair, replacement and recalibration. It operates in the UK through its Autoglass brand, but also owns Carglass in Europe and Safelite in the US, along with a financial services arm that manages insurance claims.

"D'Ieteren Group reaffirms its long-term commitment to Belron and its continued support for Belron's management team in pursuing its profitable growth trajectory," the Brussels-listed company said.

First-half results from D'leteren on Thursday revealed that Belron generated €1.80bn in sales, up 4.7% over the year before. Adjusted pre-tax profit at the division was up 29% year-on-year at €308.2m.

The stock was up 2.8% at €178.20 by 1359 BST.