German cable operator Kabel Deutschland (KDG) is set to initiate the bookbuilding phase of its IPO as early as this week, following yesterdays publication of its prospectus.
The companyÂs shareholders plan to sell as combined 25-30% stake, giving the company an equity value of between Â2-3bn, or an enterprise value of Â5-6bn. Earlier reports had suggested that private equity consortia had offered between Â5-5.5bn for the outright purchase of the company.
The fact that KDG has now published a prospectus makes a last minute switch to a trade sale highly unlikely. The flotation means that Providence Equity Partners will retain a majority stake in the operator. Providence currently owns 88% of the German operator. KDG shares will be priced on March 19 with trading to begin on March 22. The flotation is being arranged by Deutsche Bank, Morgan Stanley, JP Morgan and UBS.
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