Mobile services reseller Drillisch is looking for a seat on the supervisory board of mobile and broadband provider freenet, if its plan to increase its stake in the company is approved, according to Dow Jones.
According to the newswire, Drillisch is…
Mobile services reseller Drillisch is looking for a seat on the supervisory board of mobile and broadband provider freenet, if its plan to increase its stake in the company is approved, according to Dow Jones.
According to the newswire, Drillisch is looking to raise its stake in freenet to more than 20% by buying a 5% stake from Bank of America but the transaction first needs to be approved the regulator.
This report comes just a few days after freenet announced it has replaced its existing debt with a bank loan and corporate bond package totalling E740m.
In recent years, freenet has sold several of its assets as it looked to reduce debt. The company was also rumoured to be on the block back in 2009.
Last year, private equity firm Permira sold its final 10.1% stake in freenet for E114.8m. Goldman Sachs and UBS managed the sale of Permira’s 12.9 million shares, which were sold for E8.90 each.
Before that, in September 2009, Permira had already sold a 14.9% stake in freenet, again through a placement, raising E176.7m with shares priced at E9.25.
Cyrte Investments and Goldman Sachs also sold a respective 4 million and 4.5 million shares in Freenet.
Drillisch is currently freenet’s largest shareholder with a 15.2% stake.
