According to Reuters, citing two sources with knowledge of the matter, Carlyle has hired Goldman Sachs to advise on a possible sale of its 85% stake in the operator, which runs networks in the Asturias region in northern Spain.
Carlyle acquired the bulk of its stake – 77% – from former Asturias bank Liberbank in 2011 for €294 million.
Reuters’ sources said that the process was at an early stage.
Following Vodafone’s acquisition of Ono, attention in the Spanish cable sector has been focused on the three regional operators – Telecable, Galician operator R and Basque Country operator Euskaltel – in the northern part of the country, which are expected to attract the attention of the major consolidators: Vodafone, Telefónica and Orange.
Euskaltel, which has seen itself as a possible consolidator in the region, is currently focusing on its planned IPO, according to a source cited by Reuters.
Spanish paper Expansión, without citing sources, said that Carlyle would be open to offers valuing Telecable at around €540 million, or nine times what Expansión claimed to be its 2014 EBITDA of €60 million. According to Expansión, BC Partners, Cinven, Providence Equity, Advent and R owner CVC have made a joint bid for the company.
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