The private equity backers of Danish telecoms group TDC are meeting banks this month as they look to line up advisers to sell part of their US$7.4bn stake, people familiar with the matter said.
Buyout firms Blackstone, Permira, Apax and Providence Equity Partners are meeting banks in November but might not pick a syndicate to run a share sale until next year, one of the sources said.
The buyout firms bought 88% of TDC in 2006 in what was then Europe’s largest leveraged buyout, eclipsed only by KKR’s £11.1bn deal for Alliance Boots the following year. The remaining 12% is listed on the Danish stock exchange.
The private equity firms declined to comment. TDC had no immediate comment.
Based on TDC’s share price, the company is worth about US$8.4bn.