Danish incumbent TDC has completed its acquisition of Norway’s second-largest cableco Get for NKr13.8bn (US$2.16bn) on a cash and debt free basis.
The telco has previously said the deal will create Scandinavia’s largest cable TV company in terms of…
Danish incumbent TDC has completed its acquisition of Norway’s second-largest cableco Get for NKr13.8bn (US$2.16bn) on a cash and debt free basis.
The telco has previously said the deal will create Scandinavia’s largest cable TV company in terms of revenue.
To finance the purchase from Goldman Sachs’ GS Capital and Quadrangle Capital Partners, TDC expects to issue debt.
JP Morgan acted as TDC’s financial adviser on the transaction, while Get’s owners reportedly hired Goldman Sachs and Deutsche Bank.
TDC CEO Carsten Dilling previously described the deal as the company’s most significant investment in many years, saying it marks its transformation into a leading Scandinavian provider of TV, home entertainment and high-speed broadband services using the cable platform.
Get had a turnover of NKr2.4bn (US$374.8m) in 2013 and EBITDA of NKr1.1bn (US$171.79m), TDC said.
Including the acquisition of Get, the Danish operator expects to see its 2014 EBITDA reach more than DKr9.7bn (US$1.66bn), as opposed to a previous guidance of above DKr9.6bn (US$1.65bn). Its 2014 capex is expected to be around DKr3.8bn (US$652m) versus an earlier guidance of DKr3.7bn (US$635m).
TDC still forecasts its organic revenue to decrease by 3.5%, which is less than in 2013.
