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Advent returns with new bid for Danish IT company KMD

29 Aug 2012

Advent International is believed to be back in talks to buy Danish IT systems company KMD two months after buyout house EQT and pension fund ATP halted the sale process.

The pair put KMD up for sale last year for about $700m, more than double the $339m the pair paid for the company four years ago.

But EQT and ATP scrapped their exit plans in June after failing to receive a suitable offer, according to Reuters.

EQT took an 85 per cent share in the company through the 2008 buyout, with ATP owning the rest.

Bankers were believed to have organised a debt package of between €300m and €400m for the previous sale process, which equated to 4.6 times the company’s EBITDA.

KMD has annual revenues of more than $640m and employs over 3,200 people.

Advent is reported to be nearing the €7bn target for its seventh fund, just weeks after the global buyout giant raised €5.8bn towards the vehicle’s first close.

The firm is understood to have banked €6.7bn so far – €900m of which has been raised since the firm hit a first close for the fund last month.

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