Apax-led group to sell $430m interest in TDC


communications antena tower full of dishes with sky backgroundApax-led private equity group NTC Holding is reportedly looking to further reduce its shareholding in Danish telecom group TDC, which it acquired in 2006.

The firm has offered 56.3m shares, or a 6.8 per cent interest in TDC at 44.27 kroner each, which values the shareholding at 2.49bn kroner ($430m) according to Bloomberg, which cited the terms of sale.

It added that UBS had been appointed to manage the sale.

NTC was set up in 2005 by private equity firms Apax, Blackstone, KKR, Permira and Providence Equity Partners to acquire TDC for $15.3bn including debt.

The consortium started partially exiting the investment in December 2010 when it reduced its stake to 60 per cent from 88 per cent via an IPO.

This was followed by the sale of a 15 per cent stake in February 2012 and a further divestment of 120m shares a year later. The decision triggered by a rally in the European markets, which the firms took advantage of in order to return money to investors.

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