TDC is still targeting a pre-summer IPO, according to TelecomFinance sources, although there is no certainty that this will happen.
The private equity owners of the Danish incumbent have selected a large group of banks to advise on the process. This is…
TDC is still targeting a pre-summer IPO, according to TelecomFinance sources, although there is no certainty that this will happen.
The private equity owners of the Danish incumbent have selected a large group of banks to advise on the process. This is understood to include the Nordic banks SEB Enskilda and Danske Bank, as well as Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS.
According to banking sources, TDC was eager to complete the merger of its Swiss operation Sunrise with France Telecom’s Orange before moving ahead with the IPO. The two operators signed a final agreement on the merger last week and it is set to close imminently. Whether or not this will trigger a Q2 exit for the private equity firms remains to be seen.
“There is no progress just yet but it remains true that they would like to do it in or before June. But there are five decision makers plus the management so it is not a fast process,” said one banker familiar with the deal.
KKR, Blackstone, Apax, Permira and Providence own 88% of TDC.