Apax consortium bids for TDC

A consortium led by UK-based Apax Partners, which also includes Permira, Blackstone, Providence Equity Partners and Kohlberg Kravis Roberts, has bid DKK355 a share for Danish telecoms group TDC, valuing the company at around EUR12 billion (USD15 billion). The consortium is competing with another private equity consortium, made up of Cinven, BC Partners, Apollo Management and Silverlake Partners, for an interest in TDC. Deutsche Telekom and Swisscom have also been rumoured to be interested in bidding, although neither has confirmed plans.