By Andy Slawetsky – At this point this is a rumor and we’ve all seen how some rumors are just that – rumors. However, appearing on Reuters.com always adds a bit of credibility to a report in my book.
What would the sale of Clover mean to our industry? Maybe nothing. Maybe everything. I have a call set with Clover EVP Luke Goldberg late today and will update this page with more information as it becomes available.
However it plays out, you can be sure to read about it here at IA, Inc. and in The What’s Happenin’ Report. Now here’s the article…
The following appears on Reuters.com
By (Reuters) – Clover Technologies Group, the world’s largest collector and recycler of cellphones and empty printer cartridges, is exploring a sale that could value it at roughly $1.5 billion, including debt, according to people familiar with the matter.
The sale process comes as Clover has been seeking to expand its handset business, betting that more consumers will trade in old phones when they upgrade to the latest model.
Golden Gate Capital, the private equity firm that controls Clover, has hired investment bank Morgan Stanley to help run an auction for the company, the people said this week, cautioning that no deal was certain.
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