TDC, Denmark’s listed telecoms company, has seen its shares rise by more than 1% to DKr343.5 per share following a report on increasing competition among bidders for the company. Cinven and BC Partners have reportedly started due diligence on the company in a process that could see the telco sell for about US$12bn. At the end of 2004, TDC recorded liabilities of DKr51.6bn (about US$8bn), which would increase significantly the total consideration for potential bidders. The first offer for TDC came at the end of September from a consortium formed by Apax Partners, Blackstone, Permira, Providence Equity Partners and Kohlberg Kravis Roberts. They are being advised by JPMorgan and Enskilda Securities. The second consortium includes Apollo Management, BC Partners, Cinven and US firm Silver Lake, which put together the record-breaking US$11.4bn SunGard buyout deal in August. Goldman Sachs is advising TDC.
- FL Group, the Icelandic investment group, has announced a radical overhaul of its structure to concentrate on investments. In line with the move, the group is acquiring Denmark-based Sterling Airlines, Europe’s fourth-largest budget airline, for DKr1.5bn. The company’s investment activities will be split into three divisions; private equity, headed by Jon Sigurosson; asset management, headed by Albert Jonsson; and Icelease, a division dealing with purchase, sale and leasing on the international aircraft market.
- Aberdeen Asset Managers Private Equity is the new name for Aberdeen Murray Johnstone Private Equity, which is restructuring and re-branding its business. The firm focuses on middle market transactions in the £10m to £50m size range. The business is splitting into two teams, with Francesco Santinon leading private equity while Bill Nixon leads the growth capital team. The business will focus on core sectors of business support services, financial services, niche manufacturing and consumer products.