Apax consortium places bid for TDC

Denmark’s incumbent operator TDC has received a firm takeover offer from a financial consortium consisting of Apax, Blackstone, Kohlberg Kravis Roberts, Permira and Providence, via holding company Nordic Telephone Company. The price has not been confirmed but is understood to be in the region of USD11.5 billion. A rival consortium comprising Apollo, BC Partners, Cinven and Silver Lake is preparing its own bid for the telco. The two competing groups could soon be joined by Swisscom, which is reported to be keen on placing a bid, although it is also working on a bid for Ireland’s eircom.