The US-based PE firm Carlyle Group looks set to acquire an 85% stake in the Spanish cable operator Telecable.
TelecomFinance understands that the sale of part of Telecable is in its final stage and that an announcement will be made later today.
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The US-based PE firm Carlyle Group looks set to acquire an 85% stake in the Spanish cable operator Telecable.
TelecomFinance understands that the sale of part of Telecable is in its final stage and that an announcement will be made later today.
A person familiar with the situation told TelecomFinance that Carlyle with its offer will “with almost total certainty” take 85% of Telecable. Liberbank will retain control of 15% of Telecable.
Editorial Prensa Iberia, which currently holds an 8% stake in the company, will leave the company, the person said.
Earlier today, the Spanish newspaper Cinco Dias reported that Carlyle had agreed to acquire the stake from the Spanish banking group Liberbank.
According to the report, the valuation of Telecable had been considered at close to E400m in the negotiations.
Societe Generale has been advising on the sale.
As part of the agreement, Carlyle has reportedly agreed to keep the headquarters of Telecable in Asturias, where the company is currently based.
It also reportedly agreed to a measure that any draft agreement for the company would require the consent of a majority of its board members.
Two other companies, the London-based PE firm CVC Capital Partners and the Spanish cable operator Ono, had also reportedly bid for the Telecable stake.
Liberbank currently has a 92% stake in the company.
Carlyle was not available for comment.
