TDC in $3.7bn share buyback

first_img whatsapp Show Comments ▼ whatsapp THE private equity owners of Denmark’s TDC are banking up to $3.7bn (£2.3bn) through a share buyback and one of Europe’s biggest public offerings of 2010, as they start to cash in on their investment.Over a third of the former telecoms monopoly is being sold initially. TDC’s chief executive Henrik Poulsen said. Apax Partners, Blackstone Group, Kohlberg Kravis Roberts, Permira Advisers and Providence Equity Partners plan to sell further shares after an 180-day lock-up.“There is no doubt that this share sale is the first step to a full exit,” Poulsen said.The private equity houses yesterday priced the offering of 210m shares at 51 crowns per share, the middle of an earlier narrowed range of 50-52 crowns per share.The share sale is the latest example of private equity firms making the most of a relative resurgence in demand for equity offerings in Europe to cash in on investments they made several years ago, and follows a successful debut offering by Danish jeweller Pandora in October.While not a flotation, the offering effectively relaunches TDC on the Copenhagen bourse as its shares have been largely illiquid since the consortium bought an almost 90 per cent stake in 2005, in what was then the largest European leveraged buyout in history. Poulsen said TDC, which operates in a highly-competitive domestic market, planned to beef up its businesses in Sweden, Norway and Finland to “prove its worth”. KCS-content Share Thursday 9 December 2010 7:31 pm More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com TDC in $3.7bn share buyback Tags: NULLlast_img

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