GET off to Quadrangle and GS Capital

GET, formerly UPC Norway, is headquartered in Oslo and currently serves 370,000 homes in Oslo and the major cities in the southern region of the country. It offers its customers television, telephony and high speed broadband internet as part of its services.

The sale has generated a return of approximately 2.2x for Candover 2005 Fund, with an IRR of around 50%. Candover paid Liberty Global €445m in January 2006, and has retained a minority stake as part of this latest transaction.

John Arney, Managing Director of Candover, said: “In just under two years, GET has been transformed into a thriving independent business operating under a new but already highly regarded brand and offering market leading services and content to the Norwegian consumer. This has resulted from the herculean efforts of the management team, led by Gunnar Evensen, and from significant new investment in the digital upgrade of the network and the equipment installed in customers’ homes. We have every confidence that, with the support of its new shareholders, GET will continue to grow strongly under Gunnar Evensen’s leadership and consequently, we have retained partial ownership of the business. We wish the management and employees every success as GET continues its journey as the pre-eminent triple play provider in Norway.”

Quadrangle, the private equity arm US investments firms Quadrangle, specialises in media and communications investments, with a track record that includes Grupo

Corporativo Ono, S.A., Cequel Communications, Bresnan Communications, and Cablevision Systems.

GS Capital Partners, the equivalent arm of Goldman Sachs, has invested in Endemol, Kabel Deutschland, Cablecom, Cequel Communications and Diamond Cable.

Gordon Holmes, managing principal of Quadrangle, said: “Quadrangle and our consortium partner, GS Capital Partners, are very excited about working with Get’s outstanding management team to further accelerate the development of the company and build on the foundation that has been laid in the attractive and growing Norwegian TV and communications market. Quadrangle and GS Capital Partners have significant experience in the international cable industry and look forward to supporting the company in the next phase of its development.”