UK’s Permira to bid in Casema auction

24 Apr 2006

UK private equity group Permira is planning to take part in the forthcoming EUR2 billion (USD2.4 billion) auction of Casema, the Netherlands’ third largest cableco. The cable operator’s owners – Carlyle, Providence and GMT – have yet to send out the sale memorandum – but are expected do so over the coming weeks.

Carlyle authorised Goldman Sachs to conduct an auction of Casema, which provides television, broadband and telephone services to more than 1.4 million customers, on 21 April. The sale of the company is expected to attract interest from Liberty Media International which lost out in the original sale of Casema. Last year Liberty acquired the Swiss cable firm Cablecom from Apollo Management, TowerBrook Capital Partners and Goldman Sachs for USD2.2 billion and is keen to make further acquisitions. Warburg Pincus, owner of Dutch cable rival MultiKabel, is also tipped to request the sales memorandum. France Télécom sold Casema to Carlyle, Providence and GMT for EUR665 million in 2003 to reduce its multi-billion dollar net debt, after acquisitions and 3G mobile network rollout costs.