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, a deal it closed the following year.
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 120 million shares a year later.
That decision was 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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