The private equity owners of tower group TDF reportedly aim to raise more than €4bn (US$5.1bn) from the sale of its French unit, with first-round bids due next month.
The shareholders – TPG Capital, Axa Private Equity, Charterhouse Capital Partners…
The private equity owners of tower group TDF reportedly aim to raise more than €4bn (US$5.1bn) from the sale of its French unit, with first-round bids due next month.
The shareholders – TPG Capital, Axa Private Equity, Charterhouse Capital Partners and French state-backed fund Fonds Strategique d’Investissement (FSI) – are eyeing valuations of about 11 times TDF’s EBITDA of about €400m, Bloomberg cited two people familiar with the process as saying.
Private equity and infrastructure funds such as AMP Capital and Macquarie Capital are among those that have shown interest in Paris-based TDF’s largest unit, according to the report.
In late April, the UK’s Financial Times cited people close to the matter as saying that TDF’s owners were considering breaking up the company to facilitate a sale and were working with Goldman Sachs, Rothschild and BNP Paribas to examine their options.
TPG and Axa took a majority stake in TDF in 2006 for €4.85bn (US$6.3bn). FSI owns 24% and Charterhouse 14%.
The FT report cited its sources as saying that TPG might first try to sell TDF’s French assets, valued at €4bn including debt, followed by its German operations. This report mentioned Macquarie and UK communications infrastructure firm Arqiva as potential buyers.
In August last year, TDF sold its Finnish unit Digita to the Commonwealth Bank of Australia’s First State Investments in a rumoured €400m (US$494m) deal.
TDF Group CEO Olivier Huart stated, at the time, that the divestment was in line with the group’s strategy to focus on its core markets – France and Germany – and develop its Media Services Business unit.
TDF also operates in Austria, Hungary, Spain, Poland, Estonia and Monaco.
