Silver Lake, P2 Said to Weigh $5 Billion-Plus Exit of Blackhawk

Silver Lake Management and P2 Capital Partners are exploring a potential sale of Blackhawk Network, seeking more than $5 billion for the prepaid gift card provider, people familiar with the matter said.

The private equity firms are working with advisers to weigh options for the company, said the people, who asked to not be identified because the details aren’t public. They are also considering an initial public offering for the company, the people said.

Blackhawk is already attracting interest from other buyout firms, the people said. Deliberations are in the early stages and there’s no certainty they’ll result in ...