The largest shareholder in Danish telco TDC plans to sell 15% of the operator to the open market, equivalent to DKr4.74bn (US$851m).
NTC Holding – a PE consortium consisting of Apax, Blackstone, KKR, Permira and Providence Equity – will sell 120…
The largest shareholder in Danish telco TDC plans to sell 15% of the operator to the open market, equivalent to DKr4.74bn (US$851m).
NTC Holding – a PE consortium consisting of Apax, Blackstone, KKR, Permira and Providence Equity – will sell 120 million shares in an accelerated bookbuilt offering.
NTC is selling at DKr39.50 (US$7.08)per share, a discount of 5% on 7 February’s opening share price of DKr41.62.
NTC has mandated UBS as sole bookrunner on the transaction, with Carnegie acting as selling agent.
Following completion, expected for 13 February, NTC will remain to hold roughly 18% of TDC’s share capital and voting rights, exclusive of treasury shares.
Back in 2005, the PE consortium paid US$15.3bn for an 87.9% stake in TDC, but started to reduce its stake in 2010 by selling close to a third of the operator.
It then held a 59.1% stake before selling off a further 15.5% in February last year with the help of Morgan Stanley. Last November it sold 10% with JP Morgan as bookrunner.
Following the most recent transaction NTC will not be able to part with any more shares until May, due to a lock-up agreement.
TDC has a market cap of DKr33bn (US$5.9bn).
