PE firms to sell shares in TDC

The private equity firms who together hold 88% of Danish telecoms group TDC Blackstone, Permira, KKR, Providence and Apax Partners – plan a share sale in December and have appointed banks to coordinate the sale, according to Reuters. The five PE firms bought into TDC in 2005 for a record $18 billion. The five-firm consortium is aiming to complete the sale by the end of the year. There is no information yet on the size of the sale share.

(Reuters) – The private equity owners of Danish telecoms group TDC aim to complete a share sale in December and have appointed banks to coordinate the sale, people familiar with the matter said on Tuesday.

Private equity firms Blackstone, Permira, KKR, Providence and Apax Partners together hold 88 percent of TDC’s stock, following a record $18 billion dollar buyout in 2005.

Work is proceeding on the prospectus and the consortium of five owners is rushing to complete the full banking syndicate needed to conduct the sale, aiming for completion of the sale by the end of the year, some of the people said.

TDC’s main owners will announce plans for the sale “in late November with the share sale taking place in December, closing before year-end,” one source close to the deal said.

JPMorgan, Morgan Stanley and SEB have been appointed as joint global co-ordinators of the deal, three of the sources said.

Those owners last year began considering “strategic alternatives” for TDC and according to industry sources have long been preparing for a stock offering which could be the biggest in Denmark in years.

The sources on Tuesday did not comment on the size of the share sale planned for December.

The private equity firms are still finalising the full banking syndicate for the sale, which will comprise more than nine Nordic, European and American banks, sources familiar with the situation said.

A spokesman for the private equity consortium said the strategic review was continuing. “We will update the markets once we have made final decisions,” he said.

TDC was not immediately available for comment.

(Reporting by Peter Levring in Copenhagen and Victoria Howley in London, Additional reporting by Simon Meads and Chris Vellacott in London; Editing by Greg Mahlich)