Permira to place 10% of freenet on market

UK private investor Permira is selling its remaining 10.1% stake in German telecoms operator freenet through a share placement managed by Goldman Sachs and UBS, according to news agency Reuters. Permira has said that its Netherlands-based investment vehicle Telco Holding is selling 12.9 million freenet shares, worth in the region of EUR119 million (USD172.7 million). ‘The stock is being offered via an accelerated bookbuild,’ Permira revealed, adding that the final price for the placement will be announced after the order books are closed. Last week Dutch investor Cyrte Investments placed at least four million shares in freenet, offloading its entire 3% stake. As previously reported by CommsUpdate, Permira sold a 14.9% stake in freenet, representing 19.1 million shares, in September 2009, reducing its total shareholding from 24.99% to 10.1%. The private investor became a shareholder in freenet in mid-2008 following the operator’s takeover of MVNO and fixed line reseller debitel for EUR1.63 billion including debt. As part of the deal Permira, debitel’s former owner, took a 24.99% stake in freenet.