Swedish cableco Com Hem’s two remaining PE bidding groups have been given until 14 July to submit final bids, TelecomFinance has confirmed.
BC Partners and a consortium of Cinven and Nordic Capital are currently preparing their binding offers, said…
Swedish cableco Com Hem’s two remaining PE bidding groups have been given until 14 July to submit final bids, TelecomFinance has confirmed.
BC Partners and a consortium of Cinven and Nordic Capital are currently preparing their binding offers, said multiple sources close to the process.
“The SEK 18bn (E2bn) value being cited by reports is a good ballpark figure, but this is still subject to tweaks,” one source said.
It is understood that PE firm CVC had earlier also been in the running for Com Hem, which for 2010 reported SKr1.85bn (E204k) in EBITDA, a 13% rise on the previous year’s figures.
Current owners Carlyle and Providence Equity, who are being advised by Deutsche Bank and Morgan Stanley, have also been considering an IPO of the group.
Some reports have suggested that an IPO could be launched in September if its current bidding process falls through.
Potential strategic buyers were previously reported to be Norway’s Telenor and Sweden’s TeliaSonera, the latter of which used to own Com Hem before a split enforced by regulators.
The European cable sector has been hot with activity this year, notably with the sale of Germany’s Kabel BW to US based Liberty Global for E3.1bn. This deal is still awaiting regulatory clearance.
Com Hem’s owners and bidders declined to comment.
