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TDC’s private equity owners sell stake
15 February 2012
Private equity investors in Danish operator TDC sell part of stake in company for $982m, but KKR retains shares
Providence Equity Partners
TDC’s private equity owners, including Providence Equity Partners, Apax Partners, Blackstone and Permira, have raised around $982 million after divesting some of their stakes in the operator, reported Bloomberg. KKR, however, has kept its stake in TDC.
The group’s combined stake has now fallen from 59% to around 43%. Sources told Bloomberg that the shares were sold at 43.40 Danish kroner ($7.68) each.
TDC recently said that it is suspending its $132 million share repurchase plan, adding that it will restart the programme after completing the block sale. The operator’s fourth quarter 2011 earnings were lower than analysts’ expectations, while continuing operations income climbed to $124 million.
TDC’s CEO Henrik Poulsen had previously told Bloomberg that his company will take steps to enhance its services instead of matching promotions as rivals add to their offerings. The company estimates 2012 revenue to reach around $4.6 billion. GTB
Further reading from Global Telecoms Business:
TDC's private owners 'consider sale' 10 Feb 2012
TDC to raise $4bn in sale and buyback 26 Nov 2010
TDC picks Ericsson for LTE contract 09 Nov 2010
TDC sells Swiss unit to CVC for $3.3bn 17 Sep 2010