Turkish cable TV operator Digiturk is reportedly considering launching an IPO over the next few months to take advantage of a buoyant market for local stock.
Banks have yet to be appointed for the Istanbul Stock Exchange listing because the talks are…
Turkish cable TV operator Digiturk is reportedly considering launching an IPO over the next few months to take advantage of a buoyant market for local stock.
Banks have yet to be appointed for the Istanbul Stock Exchange listing because the talks are still in early stages, reported IFR citing sources.
Back in January, several bidders, including French media and telecoms group Vivendi, US cable giant Liberty Global and a number of PE firms were rumoured to be in talks to acquire Providence Equity Partners’ 47% stake in the company.
In October, a source familiar with the situation had said the firm was “entertaining get-to-know-you type meetings with third parties”.
Providence acquired the stake in January 2006 from Turkish conglomerate Cukurova, which currently owns the rest of Digiturk, for US$250m.
However, Providence and Cukurova are now considering an IPO as a possible exit route, suggests the IFR report.
The two owners had previously attempted to launch a US$550m IPO for 27.5% of the group in 2007, which valued all of Digiturk at US$2.2bn at the time, but this was shelved as a result of the global economic crisis.
Credit Suisse, JP Morgan and Lehman Brothers reportedly ran the failed process.
Digiturk was unable to comment before the press deadline.
