Dering Capital struggles to secure funds for TDF bid


telecom tower 2_sqPrivate equity firm Dering Capital is reportedly struggling to fund its bid for broadcasting masts group TDF’s French operations.

TDF, which is backed by private equity firms TPG, Charterhouse and Ardian, needs to sell the unit to raise money to repay its debts of €3.8bn and avoid restructuring, said Reuters, citing sources close to the matter.

The company’s private equity backers may have to reduce their asking price or delay the sale as suitors are concerned that consolidation among the unit’s telecom clients could hit revenues, said the report.

In January it was reported that Dering was in advanced talks to buy the company.

In September TDF asked bidders to submit binding offers by early November with a view to close the deal in the first quarter of 2014.

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