The owners of Danish incumbent TDC closed their secondary market offering of stock at 3pm GMT today.
TDC is owned by Nordic Telephone Company (NTC), a consortium of private equity firms including Blackstone.
TDC announced on November 25 that they would…
The owners of Danish incumbent TDC closed their secondary market offering of stock at 3pm GMT today.
TDC is owned by Nordic Telephone Company (NTC), a consortium of private equity firms including Blackstone.
TDC announced on November 25 that they would sell 210 million shares in TDC as well as an overallotment option for an additional 31.5 million shares, within a range of DKr47 to DKr 56 for each share.
Investors have rushed to buy these shares. On Thursday, Reuters reported that two unnamed sources close to the deal had said that the books had been covered on the first day of the sale.
In a statement today, TDC said that the offering is being closed because retail investors had already exceeded allocation of offer shares of up to DKr3 million (US$533.799).
It added that information about the offer price and allocation is expected to be announced on Thursday.
The deal is widely seen as being one of the biggest public stock offerings in Europe this year.
As well as Blackstone, the NTC consortium also includes Apax, KKR, Permira and Providence Equity Partners. The sale will dilute their stake in the company to around 55-60% of the equity (down from 88% at present), according to Dow Jones newswires.
