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Private equity majors targeting more than €4bn by putting TDF on the block

8 Jul 2013

telecom tower 2_sqFrench broadcast tower operator Telediffusion de France (TDF) has been put up for sale by its private equity owners in the hope it could fetch more than €4bn, it is understood.

AXA Private Equity and TPG Capital have held stakes in the business since October 2006, while fellow backer Charterhouse Capital Partners has been involved with the company for even longer.

TPG and AXA’s investment was earmarked to held TDF switch to purely digital operations while maintaining a strong balance sheet, the company said at the time.

Those firms and the state-backed investment fund FSI are expecting first round bids for the business next month according to Bloomberg, which cited people familiar with the sale.

It said the owners were seeking enterprise valuations of about 11-times the company’s €400m EBITDA for this year.

Private equity firms AMP Capital and Macquarie have been linked with bids for the business.

In April it emerged TDF’s owners were considering breaking up the company to help the exit.

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