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TPG considers TDF breakup to help speed up sale

30 Apr 2013

communications antena tower full of dishes with sky backgroundUS private equity giant TPG Capital is reportedly considering breaking up France-based telecom towers operator TDF to help exit the company it bought into for €5bn before the global financial crash.

TPG picked up a 42 per cent stake in the business in 2006 with AXA Private Equity buying another 18 per cent, which TDF said would be put towards the company’s transition to ‘pure digital’.

UK private equity firm Charterhouse and French state-backed fund FSI, which had previously owned the business, kept minority stakes following the sale.

TPG is now investigating options for exiting all or part of their investment according to the FT, which said Goldman Sachs, Rothschild and BNP Paribas had been tapped up to help.

It cited people with knowledge of the matter, who said no decision had been made and no bank  hired to run a competitive process.

The FT’s sources said a sale of TDF’s French unit followed by its German operations was most likely, with the French business alone potentially going for more than €4bn or ten times EBITDA.

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