German cable operator Kabel Deutschland (KDG) looks set to press ahead with its proposed IPO after reportedly turning down takeover bids from a number of private equity groups.
As reported in TelecomFinance earlier in the month the IPO remained the…
German cable operator Kabel Deutschland (KDG) looks set to press ahead with its proposed IPO after reportedly turning down takeover bids from a number of private equity groups.
As reported in TelecomFinance earlier in the month the IPO remained the priority for KDG’s private equity owner Providence Equity Partners. At that time one banker familiar with the deal said: “The focus is very much on the IPO. There is no M&A process as such, it is reactive rather than pro-active,” in response to the buyout bids, which were rumoured to be worth upwards of E5bn.
Now it seems as though preparations for an IPO, for which Deutsche Bank, JPMorgan, Morgan Stanley and UBS are mandated, are to be stepped up in the very near future. One source close to the deal told TelecomFinance that the listing would be worth ‘over E1bn’.
Providence currently owns 88% of KDG.
