KKR plans to sell its stake in TDC

13 Sep 2013

Private equity firm Kohlberg Kravis Roberts (KKR), the largest shareholder in Danish telco TDC, has announced plans to sell its stake, currently valued at DKK4.3 billion (USD765.5 million), Boomerang reports. According to the article, KKR is offering a total of 90 million shares, or the equivalent of 10.89% of TDC’s share capital and voting rights; JPMorgan Chase is reportedly managing the transaction. As reported by TeleGeography’s CommsUpdate, previous major shareholder Singapore Investment Corp reduced its stake in the company to less than 5% in August 2013. At that time, the largest shareholder in TDC was KKR, which held 10.89% of the company; other major shareholders were 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 company’s shares. The remainder of the company was 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