Danish incumbent TDC’s private equity owners could raise E2.8bn if an overallotment option is exercised along with the operator’s plan for a share buyback.
Majority owners NTC, a consortium of PE firms including Blackstone and Apax Partners, yesterday…
Danish incumbent TDC’s private equity owners could raise E2.8bn if an overallotment option is exercised along with the operator’s plan for a share buyback.
Majority owners NTC, a consortium of PE firms including Blackstone and Apax Partners, yesterday priced the offering of 210 million shares at DKK51 (E6.8) each. If an overallotment option of 31.5 million shares is also issued, the group is set to raise DKK12.3bn (E1.6bn).
In addition, TDC has also announced plans to buy back 176,470,588 shares, which could raise an extra DKK8.7bn (E1.2bn) for NTC.
If the overallotment option is used with the share buyback, NTC will see its stake in TDC fall from 87.9% to approximately 55.4%.
Reports suggest the sale is the first step of NTC’s plan to exit its holding completely, and further stake reductions could be announced following the 180-day lockup.
