The sale of Finnish mobile operator DNA could be wrapped up in just weeks after most private equity firms in the bidding process submitted final round offers, according to sources.
TelecomFinance understands BC Partners dropped out of the running…
The sale of Finnish mobile operator DNA could be wrapped up in just weeks after most private equity firms in the bidding process submitted final round offers, according to sources.
TelecomFinance understands BC Partners dropped out of the running earlier this week, leaving Apax, Bain Capital, EQT and Providence in play.
None of the companies were able to comment on the deal.
A sale could net as much as €1.3bn for DNA’s owners, which are former regional telcos that became holding companies.
However, one source with direct knowledge of the situation said there was still a “fair degree of risk” that the sellers could instead opt for an IPO process.
DNA does not need much restructuring, and its owners could probably raise a similar amount from the public markets as it will get from private equity, according to the person.
UBS, which is running the sale, is understood to have put together a financing package to alleviate any funding concerns a private equity firm might have.
Most of the other banks that are advising the potential buyers have also put together rival staple financings. Even if a private equity firm picks the UBS package, it is likely that the financing will later be transferred to a Nordic bank, in keeping with similar transactions in the region.
Finnish boutique firm Initia is also understood to be advising DNA’s owners.
