Providence Equity Partners, the largest shareholder in German cableco Kabel Deutschland Holding AG, yesterday placed 15 million shares to institutional investors. Via its vehicle Cable Holding, Providence reduced its shareholding in Germany’s number one…
Providence Equity Partners, the largest shareholder in German cableco Kabel Deutschland Holding AG, yesterday placed 15 million shares to institutional investors. Via its vehicle Cable Holding, Providence reduced its shareholding in Germany’s number one cableco from 60.37% to some 45%.
Now, 49.5 million shares – or about 55% of Kabel Deutschland Holding’s total 90 million shares – are now freely floated. Cable Holding remains largest shareholder with approximately 45% of the share capital in Kabel Deutschland Holding AG.
The shares sold at E27.50 apiece, a 25% premium on the E22.50 shares sold for in March’s IPO, which raised E759m.
According to KDG, the book was oversubscribed by a few time, and attracted “strong demand” from some 130 US, UK and European institutions.
Cable Holding voluntarily agreed to a six-month lock-up period for its remaining stake in Kabel Deutschland Holding AG.
The company provides TV, broadband internet, fixed-line via cable and MVNO services to approximately 8.9 million households. During the 12 months ended March 31, the company reported revenues of E1.502bn and an adjusted EBITDA of E659m. It has a market cap of E2.36bn.