The private equity owners of French tower group TDF are considering breaking up the company in order to facilitate a sale, according to the Financial Times citing people close the matter.
US-based TPG Capital and France’s Axa Private Equity, which…
The private equity owners of French tower group TDF are considering breaking up the company in order to facilitate a sale, according to the Financial Times citing people close the matter.
US-based TPG Capital and France’s Axa Private Equity, which together control 60% of the towerco, are reportedly working with Goldman Sachs, Rothschild and BNP Paribas to examine options for the sale of either part or all their assets.
However, no decision has been made yet, wrote the Financial Times.
The PE firms took a majority stake in TDF in 2006 for €4.85bn (US$6.3bn). The rest of the company is split between French state-owned fund FSI (24%) and UK’s Charterhouse (14%).
The sources were quoted saying that TPG might first try to sell TDF’s French assets, valued at €4bn including debt, followed by its German operations. Potential buyers may include infrastructure fund manager Macquarie and UK communications infrastructure firm Arqiva.
In August last year, TDF sold its Finnish unit Digita to the Commonwealth Bank of Australia’s First State Investments in a rumoured €400m (US$494m) deal.
TDF Group CEO Olivier Huart stated, at the time, that the divestment was in line with the group’s strategy to focus on its core markets – France and Germany – and develop its Media Services Business unit.
TDF also operates in Austria, Hungary, Spain, Poland, Estonia and Monaco.
TDF, TPG and Axa were not immediately available for comment.
