The sale of German cableco Primacom has been called off after offers failed to meet sellers’ expectation.
The company said in a statement today that Primacom’s parent company, Luxembourg based Medfort, had received several offers since launching the…
The sale of German cableco Primacom has been called off after offers failed to meet sellers’ expectation.
The company said in a statement today that Primacom’s parent company, Luxembourg based Medfort, had received several offers since launching the sale process earlier in the year.
However, none of the offers had met criteria set out by the sellers.
TelecomFinance reported previously that DTK Deutsche Telekabel, Star Capital owned Pepcom and Deutsche Telekom were among the parties interested in the asset. DTK dropped out of the process several weeks ago after submitting a €240m first round offer, way below seller expectations of €280 to €300m.
More recently, sources had told TelecomFinance that Deutsche Telekom was the only remaining serious bidder.
Primacom’s current owners Alcentra Group, Tennenbaum Capital, Avenue Capital and ING were advised by Jefferies on the process.
Harald Stober, chairman of the board of Medfort, commented that the decision to launch a sale process had been opportunistic, following a number of approaches by interested parties. He noted that Primacom had sufficient liquidity to finance necessary investments over the next three years.
