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ISS, which is owned by EQT and Goldman Sachs, had been in exclusive talks with Apax since last month. Now, their owners believe they can achieve a better valuation, given the ratings of listed rivals such as Sodexho and Compass. An IPO is expected to see ISS raise $2bn to $3bn of new money to cut its $6bn debts. ISS, which is being advised by Morgan Stanley and Goldman Sachs, has written to Apax formally ending the talks.