Private 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.
Copyright © 2013 AltAssets