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TDF reviews €3.5-3.6bn offers for French business

23 Oct 2013

telecom tower 2_sqPrivate equity-backed broadcasting masts operator TDF has reportedly reviewing two offers for its French division that were below its asking price of €4bn.

The company’s owners including private equity firms TPG, Ardian and Charterhouse need to raise money to reduce its €3.8bn debt pile and avoid a restructuring process, said Reuters, citing several sources involved with the process.

TDF’s lenders have already agreed to roll over debt maturities from 2014 to 2016 and a further extension would results in additional fees and drive up interest rates, said one of the people.

One of the suitors, Canadian pension fund PSP, has offered €3.5bn for the unit and will participate in the second round of bidding alongside merchant bank Dering Capital, which has bid €3.6bn.

Last month it was reported that TDF asked bidders to submit binding offers by early November with a view to close the deal in the first quarter of 2014.

The company reportedly plans to sell its German business after disposing of the French unit.

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