[(Title)] Exclusive: Carlyle starts preparations for $5 billion listing of chemicals group Atotech - sources.

FRANKFURT (Reuters) - Buyout group Carlyle (CG.O) is starting preparations for a stock market listing of German speciality chemicals group Atotech, a former part of oil group Total (TOTF.PA) which could be valued at around $5 billion, people close to the matter said.

知情人士说，凯雷投资集团（CG.O）正在开始筹备德国特种化学品集团安美特（Atotech）的股票市场上市，该集团前身为石油集团道达尔（TOTF.PA），价值约50亿美元。

The private equity investor has asked investment banks to pitch for roles in an initial public offering which is expected to take place in New York next year, two of the people said, while another person said a German IPO was also a possibility.

两位人士表示，私人股本投资者已要求投资银行在预计明年将在纽约举行的首次公开募股中扮演角色，而另一位人士称，德国IPO也是可能的。

Carlyle declined to comment.

凯雷投资集团拒绝置评。

Atotech, a Berlin-based maker of speciality chemicals and equipment for printed circuit boards and semiconductors, posted adjusted earnings before interest, tax, depreciation and amortization of $329 million on sales of $1.2 billion last year.

位于柏林的印刷电路板和半导体专业化学品和设备的制造商Atotech去年销售额达12亿美元的销售额，其利息收入、税收、折旧和摊销额为3.29亿美元。

Carlyle bought Atotech in 2016 at an enterprise value of $3.2 billion or 12 times its core earnings.

卡雷投资集团于2016年以企业价值32亿美元或核心收益的12倍收购了Atoech。

The investor would likely seek a valuation of at least 13-14 times Atotech's expected core profit of up to $400 million, or roughly $5 billion, two of the people said.

两位知情人士称，投资者可能希望Atoech预计的核心利润至少达到13至14倍，达到4亿美元，即约50亿美元。

U.S.-listed peers such as Cabot Microelectronics (CCMP.O), Entegris (ENTG.O), Quaker Chemical (KWR.N) and Versum Materials (VSM.N) trade at 11-15 times their expected core earnings.

美国上市同行，如Cabot微电子产品(CCMP.O)、Entegris(ENTG.O)、Quaker化学(KWR.N)和VersumMaterials(VSM.N)的贸易额是其预计核心收益的11-15倍。

"For Carlyle, it's about taking some money off the table and using a window of opportunity ahead of a potential correction of stock markets,"  one of the people said, adding that the deal could take place in the second quarter, based on 2018 earnings.

其中一位知情人士表示：“对于凯雷来说，这是为了在股市可能回转之前拿出一些钱，并利用一个机会之窗”，并补充称，该交易可能会在2018年的收益基础上于第二季度进行。

Earlier this year, Atotech increased its debt by $500 million to pay its owners a special dividend of the same amount.

今年早些时候，Atoech将债务增加了5亿美元，以便向所有者支付同样数额的特别股息。

While a listing is seen as the most likely exit route, Carlyle will also consider potential bids from chemicals groups or other investors, the people said.

知情人士称，尽管上市被视为最有可能的退出路线，但凯雷还将考虑化学品集团或其他投资者的潜在出价。

At the time of Carlyle's buyout, peers such as Umicore (UMI.BR) and Sinochem (600500.SS) showed interest in the firm which is specialized in metallization, panel plating and corrosion protection.

在Carlyle收购时，Umicore（UMI.BR）和中化学公司（600500.SS）等同业者表示对专门从事金属化、板材电镀和腐蚀保护的公司感兴趣。

Atotech, which was founded in 1993 through a merger of Elf Atochem M&T Harshaw and Schering's (BAYGn.DE) electroplating division, employs more than 4,000 staff.

Atotech公司成立于1993年，由ElfAtochemM&THarshaw和Serin's(BAYGn.DE)电镀部门合并成立，雇用了4000多名工作人员。

Elf Aquitaine was later renamed Total after it merger with Totalfina, and it agreed to sell Atotech as part of a $10 billion asset disposal program.

ElfAquitaine在与Totpalmina合并后后来改名为Totalfan，并商定出售Atotech，作为100亿美元的资产处置方案的一部分。