TDC To Merge with Biggest Owner

COPENHAGEN (Reuters) – Danish telecoms operator TDC (TDC.CO) said on Thursday it had agreed to merge with its majority owner Nordic Telephone Company (NTC).

“The purpose of the merger is to simplify the group structure and to optimize TDC’s capital structure,” TDC said in a statement. “The merger is expected to be adopted by the board of directors of TDC before year-end.

NTC, which owns 88 percent of TDC, is a subsidiary of Nordic Telephone Company Holding (NTCH), owned by private equity firms Apax Partners, the Blackstone Group (BX.N), Kohlberg Kravis Roberts (KKR), Permira Advisers and Providence Equity. (Editing by Jon Loades-Carter)