Danish incumbent TDC’s private equity owners have sold an approximate 15.5% stake in the company in an accelerated bookbuilding to institutional investors for reportedly almost US$1bn.
The telecoms operator confirmed in a statement today that…
Danish incumbent TDC’s private equity owners have sold an approximate 15.5% stake in the company in an accelerated bookbuilding to institutional investors for reportedly almost US$1bn.
The telecoms operator confirmed in a statement today that certain investors in NTC Holding, a consortium of five private equity firms, have sold about 128 million shares in TDC, effectively reducing their stake and voting rights from 59.1% to about 43%, exclusive of treasury shares.
According to the statement, TDC will not receive any proceeds from the sale, expected to close on 20 February.
Morgan Stanley, the sole bookrunner on the transaction, said in a statement that NTC and its selling shareholders have agreed on a customary 90-day lock-up period from the closing of the sale, subject to certain customary exception.
TDC has consequently decided to suspend the share buy-back programme of up to DKK 750m (US$133.2m) announced on 3 February, in which NTC has agreed to participate on a pro rata basis. TDC intends to re-start the programme once the sale has concluded.
Reuters reported with reference to a market source that TDC shares were valued at DKK43.40 (US$7.70) each, equating to a total transaction of about DKK5.59bn (US$992.6m).
NTC is controlled by investment funds advised or managed by Apax Partners, The Blackstone Group, Kohlberg Kravis Roberts & Co, Permira Advisers and Providence Equity Partners.
