Buyout shop BC Partners will pay 17 billion crowns ($2.6 billion) to buy Swedish cable company Com Hem, Reuters reported. BC Partners apparently beat out rival bidder Cinven. Com Hem is currently owned by private equity investors Carlyle Group and Providence Equity Partners.
(Reuters) – Private equity firm BC Partners is set to buy Com Hem in a deal that will value the Swedish cable company at about 17 billion crowns ($2.6 billion), making it one of the largest buyouts in Europe this year, people familiar with the situation said.
BC Partners [BCPRT.UL] beat rival Cinven [CINV.UL] to acquire a business, owned by Carlyle Group [CYL.UL] and Providence, that serves more than 800,000 customers across Sweden.
The deal highlights Sweden as a hot spot for private equity deals, following on the heels of Bain and Hellman & Friedman’s agreement to buy alarms firm Securitas Direct, Europe’s largest buyout this year.
It also marks the first investment by BC Partners from its ninth buyout fund, which the firm is currently in the process of raising with a target of around 6 billion euros ($8.5 billion).
Regional private equity firm Nordic Capital had been working with Cinven on a joint bid but recently dropped out of the process, leaving its partner to go it alone.
BC Partners and Carlyle declined to comment. Providence was not available to comment.
($1 = 6.455 Swedish crowns = 0.704 euro)
(Reporting by Simon Meads and Sven Nordenstam)