Private equity firm Providence Equity Partners has dropped plans for an outright sale of German cableco Kabel Deutschland (KDG), after offers for the company fell short of expectations, Bloomberg reports citing a person close to the matter. Instead, the parent is going ahead with plans to launch an initial public offering (IPO) for KDG, which had previously been sidelined after a number of potential buyers stepped forward, with offers thought to be in the region of EUR5 billion (USD6.8 billion) and EUR5.5 billion. According to sources with knowledge of the situation, private equity companies BC Partners and CVC Capital Partners made a joint bid last week, while Carlyle Group, Advent International, Hellman & Friedman and Bain Capital also submitted offers. As reported by CommsUpdate, the owners of KDG asked for indicative bids for the company by 8 February. Staple financing for an IPO is already thought to be in place with a number of banks – including Morgan Stanley, Deutsche Bank, UBS and JP Morgan – hired for the listing, which could be launched as early as the second quarter of this year. KDG is 88% owned by Providence Equity, with the remainder held by Ontario Teachers’ Pension Plan (8%) and company management (4%).