Singapore Investment Corp reduces its stake in TDC to less than 5%

15 Aug 2013

Danish telco TDC has announced that its major shareholder Singapore Investment Corp has reduced its stake in the company to less than 5%, in terms of both share capital and voting rights. As of August 2013, the largest shareholder in TDC is Kohlberg Kravis Roberts (KKR), which holds 10.89% of the company; other major shareholders are Bank of New York Mellon Corporation (indirectly via Newton Investment Management) and Massachusetts Financial Services Company, each in possession of more than 5% of the shares. The remainder of the company is held by private investors and TDC employees.

TeleGeography notes that Nordic Telephone Company Holding (NTCH), a consortium of private equity groups Apax Partners, the Blackstone Group, KKR, Permira Advisers and Providence Equity Partners, which previously held the majority of TDC’s share capital and voting rights, took steps to gradually reduce its stake in the Danish telco between December 2010 and April 2013. That month NTCH disposed of the remainder of its TDC shares by offloading the stake to one of the NTCH’s consortium members KKR, which upped its shareholding in TDC to 10.89% in the process.

Denmark