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Kabel Deutschland eyes €1bn IPO
24 February 2010
Private equity shareholders in German cable operator Kabel Deutschland are planning to raise €1 billion in a share sale
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Kabel Deutschland
IPO
Germany
private equity
Providence Equity Partners
BC Partners
CVC
Advent International
The shareholders of Germany’s largest cable company, Kabel Deutschland, are looking to raise about €1 billion in a share flotation. Providence Equity Partners and other owners are planning to offload a 30-40% stake in an initial public offering of shares.
Kabel Deutschland, which provides analogue and digital television, broadband internet and fixed-line phone services through cable, has rejected bids of about $7.5 billion from firms, including BC Partners, CVC Capital Partners and Advent International.
Providence Equity Partners holds about 88% stake in Kabel Deutschland and the Teachers Pension Plan has about 8% stake. Managers own 4%. All the owners will cut their stakes proportionately if the IPO goes ahead.
The shareholders of Kabel Deutschland are planning to hold the IPO in Frankfurt. GTB