PE-backed NTC Holding has sold a 10% stake in Danish incumbent TDC for almost DKr 3bn (US$521.5m), through an accelerated bookbuilt offering.
This is the second time that the holding company has cut its stake in the telco this year. In February it sold…
PE-backed NTC Holding has sold a 10% stake in Danish incumbent TDC for almost DKr 3bn (US$521.5m), through an accelerated bookbuilt offering.
This is the second time that the holding company has cut its stake in the telco this year. In February it sold 15.5% of TDC for almost US$1bn, reducing its stake to 43.3%. However, that sale left its bookrunner Morgan Stanley with a 7% holding in the group after it was unable to find enough buyers.
JP Morgan, which is the sole-bookrunner for NTC’s latest sale, said that undisclosed investors had agreed to acquire 80 million shares in TDC, which equates to roughly 10% of the group. The company expects to close the transaction on 30 November.
It is understood that the shares were oversubscribed at a price of DKr 37.1 each, representing a 4.8% discount to the closing price the day before the announcement.
NTC, a consortium of investment firms Apax, Blackstone, Kohlberg Kravis Roberts, Permira and Providence, will hold around 33% in the TDC following the sale, exclusive of treasury shares.
The consortium acquired an 87.9% stake in TDC back in 2005 for US$15.3bn. When it sold around a third of this in 2010, industry spectators suggested the group was on track to exit its entire holding.
