Permira Silent on TDC IPO Report

COPENHAGEN (Reuters) – Danish telecom group TDC (TDC.CO) shareholder Permira declined to comment on Monday on a Financial Times report at the weekend that said its consortium partner KKR was preparing to sell shares in TDC.

The Financial Times said on Saturday that TDC was one of up to six companies that Kohlberg Kravis Roberts (KKR) [KKR.UL], the world’s biggest buy-out group, was preparing for public offerings worth billions of dollars. [ID:nN31453818]

KKR is a member of the Nordic Telephone Company (NTC) consortium along with Permira, Apax Partners, the Blackstone Group and Providence Equity Partners. The consortium owns 88 percent of TDC.

“We do not have any comments on this matter at this point,” Kurt Bjorklund, a partner at London-based Permira Advisers LLP, told Reuters in a brief email statement.

Bjorklund said that he was speaking on behalf of NTC.

TDC’s spokesman Per Christiansen declined to comment on what he called “rumours and speculation.”

If such a sale were to take place, it would be the biggest stock offering in years in Denmark.

TDC’s illiquid stock traded off 0.3 percent at 183.50 crowns by 1449 GMT, which would give the company a market capitalisation of about 36.4 billion Danish crowns ($6.97 billion).

NTC took control of TDC, the former national monopoly Tele Danmark, in January 2006 in a deal worth nearly 9 billion euros ($12.82 billion).

After the 2006 acquisition, NTC was unable to delist TDC from the Copenhagen bourse because the Danish ATP pension fund refused to sell and its stock and remains the second-biggest owner with a 5.5 percent stake.

TDC’s Chief Executive Henrik Poulson told the Danish daily Berlingske Tidende in February that there were three main scenarios for NTC — it would be sold to a competitor, a bigger portion of the stock would be floated on the Copenhagen stock exchange, or another equity fund would buy it.

Poulsen said then that a further floating of TDC on the bourse was the most likely of those scenarios.

Senior bankers at Danske Bank (DANSKE.CO) and Nordea (NDA.ST) told Reuters last month that investors had appetite for a possible resurgence of stock offerings by the end of this year [ID:nLM530369]. ($1=.7019 Euro) ($1=5.226 Danish Crown) (Editing by Karen Foster)