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Providence proceeds to second bid round for Australia’s NextGen

12 Dec 2012

Media-focused buyout house Providence Equity Partners has reportedly made it to the second round of bidding for Leighton Holdings’ Australian fibre-optic network NextGen.

The business, which is owned by Spain’s ACS, could fetch as much as A$870m ($910m) according to Reuters.

It said ACS was attempting to sell off the asset as well as smaller data businesses Metronode and Infoplex in order to pay down debt.

Australian telecommunications firm TPG Telecom is also a likely bidder for the asset, it added.

Last month Providence and Apax Partners were linked with a deal for French media company Vivendi’s Brazilian broadband business GVT, a deal which could top €6bn.

A group of private equity funds are believed to be clubbing together to make a preliminary bid for the company, as has satellite group DirecTV and Mexican telecoms giant America Movil, Reuters reported.

It said US cable group Liberty Global had also submitted a bid, adding Vivendi considered two of the offers as serious.

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