Tele Columbus revives IPO plans

5 Jan 2015

Tele Columbus, Germany’s third largest cable operator, has revived plans to hold an initial public offering (IPO) on the Frankfurt Stock Exchange, now scheduled for the first half of 2015. At the end of September the firm said it planned to raise at least EUR300 million (USD380.6 million) from a listing by the end of 2014, adding it would use the proceeds from the new shares for a comprehensive refinancing of its debt, giving it more scope to invest for future growth. The plans were put on hold the following month, however, amid increasing ‘volatility and uncertainty in global stock markets’. Reuters cites a statement from Tele Columbus as saying that the offering will include new shares and stock from existing shareholders, with a ‘greenshoe option’ of up to 10% of the base offer.

TeleGeography’s GlobalComms Database notes that in 2009 Tele Columbus was sold to its creditors, including York Capital, Alcentra, GoldenTree Asset Management and the Bank of Ireland, as part of a financial restructuring. In February 2013 a move by Kabel Deutschland (now owned by Vodafone Group) to acquire the cableco for EUR618 million was blocked by the Federal Cartel Office. Tele Columbus provides cable TV, broadband internet access and voice-over-internet protocol (VoIP) telephony services to around 1.7 million connected households in Berlin, Brandenburg, Saxony, Saxony-Anhalt and Thuringia, as well as a number of focus areas in western Germany.

Germany, Tele Columbus Group (PYUR)