German incumbent Deutsche Telekom and at least three other companies have reportedly submitted offers for local cableco Primacom.
Another cable operator, DTK Deutsche Telekabel, London-based fund manager Star Capital Partners, which owns German cableco…
German incumbent Deutsche Telekom and at least three other companies have reportedly submitted offers for local cableco Primacom.
Another cable operator, DTK Deutsche Telekabel, London-based fund manager Star Capital Partners, which owns German cableco Pepcom, and an unknown financial investor also bid for Primacom by the end of July deadline, Financial Times Deutschland reported citing people familiar with the process.
According to the German newspaper, Deutsche Telekom, which has been absent from the cable sector for almost a decade, submitted one of the highest bids, in the vicinity of €250m to €280m.
Spokespeople for Deutsche Telekom and DTK today declined to comment while Primacom and Star Capital were not immediately available for comment.
As reported yesterday, Lutz Schuler, CEO of Liberty Global-owned German cableco Unitymedia KabelBW, has said the company might also considering bidding for Primacom, seeing itself as an “active driver” of in-market consolidation.
Meanwhile, Reuters reported the auction deadline has been extended by about two months to the end of September at the bidders’ request. This extension may signify that interested parties are struggling to finalise offers in the current economic climate, the newswire wrote.
Primacom’s current owners include Alcentra Group, Tennenbaum Capital, Avenue Capital and ING. Their financial adviser, bank Jefferies, reportedly sent out a sales prospectus to potential buyers in May.
