Private equity firm KKR has sold its remaining 11% stake in Danish telecoms incumbent TDC for DKr4.17bn (US$744m) through an accelerated bookbuild.
The group was the last member of the NTC consortium of PE firms that once owned a majority of the telco,…
Private equity firm KKR has sold its remaining 11% stake in Danish telecoms incumbent TDC for DKr4.17bn (US$744m) through an accelerated bookbuild.
The group was the last member of the NTC consortium of PE firms that once owned a majority of the telco, after buying an 87.9% stake in 2005 for US$15.3bn.
The other former members of NTC – Apax, Blackstone, Permira and Providence – have gradually sold off their shares over the last three years.
KKR was left as the last member of NTC back in April, when the consortium sold a 6.8% stake through an accelerate bookbuild run by UBS, raising around DKr2.49bn (US$430m).
JP Morgan ran the accelerate bookbuild for the remaining stake held by KKR, which sold roughly 90 million shares at DKr46.3 each.
The telco’s largest shareholders are currently Bank of New York Mellon and Massachusetts Financial Services, which both own more than 5%.
The stake sale comes as a note by Nordea suggests TDC could be a takeover target as KKR’s placement puts downward pressure on the shares.
TDC was trading at around DKr46.41 as TelecomFinance went to press.
