Cable Holding, a vehicle set up in 2006 by private equity firm Providence to buy Kabel Deutschland (KDG), has sold its remaining 22% stake in Germany’s number one cableco.
About 20 million shares were placed through UBS to institutional investors for…
Cable Holding, a vehicle set up in 2006 by private equity firm Providence to buy Kabel Deutschland (KDG), has sold its remaining 22% stake in Germany’s number one cableco.
About 20 million shares were placed through UBS to institutional investors for E41.40 each, allowing Cable Holding to fetch E828m.
“With that placement, 100% of the company’s total 90 million shares are in the free float, again increasing liquidity in the stock and strengthening the company’s MDAX ranking,” a KDG statement read.
Providence first invested in KDG in 2003, along US investment firms Apax Partners and Goldman Sachs Capital Partners, following its spin-off from incumbent Deutsche Telekom. Three years later, in 2006, Providence reportedly paid its rival E500m to buy out KDG, giving it a 95% stake in the company.
In March 2010, the US PE firm decided to reduce its stake in KDG to about 44% in a successful E759m IPO, floating 34.5 million shares at E22 each.
A year later, Providence further halved its investment, selling 20 million shares at E38 each, or E760m in total.
