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Bids for private equity backed TDF’s French unit due by November

17 Sep 2013

telecom tower 2_sqPrivate equity-backed broadcasting masts operator TDF Group has reportedly asked bidders for its French business to submit binding offers by early November with a view to close the deal in the first quarter of 2014.

The company is backed by buyout firm TPG, which owns a 42 per cent stake. The unit will fetch at least €4bn, enabling it to pay off its debts of €3.8bn and avoid restructuring, said Reuters.

Multiple parties expressed interest in the unit in August but failed to match the asking price, it said.

A consortium led by Canadian pension fund PSP Capital and a Hong Kong-based investor are participating in the bidding process.

American Tower and Crown Castle also expressed interest in the business, but later dropped out and BNP Paribas-backed infrastructure fund Antin was not permitted to bid after buying masts from a French telecom operator last year.

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