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CVC Emerges as Frontrunner in Kabel Auction

Buyout shop CVC has emerged as the frontrunner in the auction for German cable operator Kabel Baden Wuerttemberg, Reuters reported. Kabel is owned by Swedish private equity firm EQT. Reuters said that EQT would likely make a final decision on the sale this weekend.

(Reuters) – Private equity firm CVC [CVC.UL] has emerged as the frontrunner in a bidding auction for German cable operator Kabel Baden Wuerttemberg [KBWHL.UL], financial sources said on Friday.

CVC is offering 2.95 billion euros ($4.17 billion), two people told Reuters.

EQT, CVC and Kabel BW declined comment.

Hellman & Friedman and Liberty Global (LBTYA.O), which owns larger German cable rival Unitymedia, were out of the race, the people said.

An initial public offering, which owners EQT had been pursuing at the same time, was off the table, the people also said.

People close to Swedish private equity firm EQT said a final decision would be taken over the weekend.

(Reporting by Peter Maushagen, Simon Meads and Philipp Halstrick; Writing by Nicola Leske)