Following on from its purchase of PrimaCom last month, German cable network operator Tele Columbus says it plans to raise EUR240 million (USD261.8 million) from a capital increase to finance further acquisitions in the market. ‘The capital increase enables the company to continue its growth path in Europe’s most attractive cable market and to strengthen its position as the number three player in the German cable market,’ commented Ronny Verhelst, CEO of Tele Columbus, adding: ‘We are confident that we will be able to make use of such additional potential in a way which creates value for both the company and its shareholders.’
Last month Tele Columbus, Germany’s third largest cable network operator by subscribers, finalised the acquisition of Leipzig-based PrimaCom, the fourth largest cableco. The integration process, which involves merging the operations and infrastructure of both companies, is now underway, and will bring together 2.8 million connected homes and two well-established housing association customer portfolios on one platform. The combined company will have an enhanced focus on Tele Columbus’ core Eastern regions, as well as key Western regions such as Baden-Wuerttemberg, Hamburg, Hesse and North Rhine-Westphalia.