(Bloomberg) -- DKV Mobility, a fleet-services firm part-owned by CVC Capital Partners, is considering an initial public offering that could value it at more than 3 billion euros ($3.4 billion), people familiar with the matter said. 

The German company is working with an adviser to evaluate a potential listing in the second half of the year, the people said, asking not to be identified discussing confidential information. It has asked banks to pitch for roles on the deal, according to the people. 

Frankfurt is seen a likely venue for an IPO, one of the people said. Deliberations are ongoing, and no final decisions have been made on details of potential offering, according to the people. 

“Management and shareholders of DKV Mobility are regularly evaluating all options to further develop the company,” a spokesperson for the company said in an emailed statement. A representative for CVC declined to comment. 

DKV is majority owned by its family shareholders. CVC agreed to buy a 20% stake in the business in 2018 for an undisclosed amount. 

The company has issued more than 5 million cards to commercial drivers across Europe that can be used to pay for everything from fuel to tolls. Transaction values topped 9 billion euros in 2020, according to DKV’s website. It employs more than 1,300 people.

The deliberations come as another private equity firm, Inflexion Private Equity Partners, considers a potential 2 billion-pound ($2.7 billion) sale of U.K. fuel cards and telematics firm Radius Payment Solutions, Bloomberg News reported this week. 

CVC, one of the oldest and most storied names in European private equity, has lined up banks for a potential IPO of its own that could value it at more than $20 billion.

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