Companies in this section
Barracuda
Basell
Grupo Coin
Jet Aviation
Kappa Packaging
Kwik Fit
Legoland Parks
Moeller
Molynke
N&W Global Vending
Saprogal
SBS Broadcasting
TM Group
Travelex
Wheelabrator Allevard
Wind
Target name: Barracuda
Target nation: UK
Date announced: 26/08/05
Deal type: Secondary buyout
Acquirer: Charterhouse
Total value: £262m
Mandated arranger: RBS
Financing: £103.8m
Pub group Barracuda has closed its £103.8m debt package backing its secondary LBO by Charterhouse, via mandated lead arranger RBS. The loan was oversubscribed. Debt, which sits at operating company level, comprises a £12.1m seven-year term loan A at 225bp over Libor, a £12.1m eight-year term loan B at 275bp, a £12.1m nine-year term loan C at 325bp, a £10m seven-year revolver at 225bp and a £35m seven-year capex facility at 250bp. There is also a £22.5m ten-year mezzanine piece. Leverage is 2.17x senior and 3.52x total. Charterhouse is paying £262m to PPM Capital, the private equity arm of Prudential. Barracuda operates around 160 pubs under the brands Smith & Jones, Varsity and Barracuda.
Target name: Basell
Target nation: The Netherlands
Date announced: 26/08/05
Deal type: LBO
Acquirer: Access Group
Total value: €4.4bn
Mandated arrangers: ABN AMRO, Citigroup, CSFB, Deutsche Bank and Merrill Lynch.
Financing: €1.95bn senior debt
Basell has successfully wrapped up the first level of syndication on its €1.95bn loan, with 13 banks joining the deal as joint lead arrangers. They join mandated lead arrangers CSFB (bookrunner), Merrill Lynch (bookrunner), ABN AMRO, Citigroup and Deutsche Bank. The 13, which committed €75m for a €50m target hold in return for a 145bp fee, are; Bank of Scotland, Banca Intesa, Dresdner KW, DZ Bank, HSH Nordbank, HVB, ING, KBC, Landsbanki Island, NIB, Rabobank, SMBCE and UOB. The three non-bookrunning mandated lead arrangers have committed €150m for a €100m target hold for a 170bp fee. A €15m co-arranger ticket, paying 105bp on a take-and-hold basis, is still on offer.
Senior debt comprises a €540m seven-year amortising term loan A at 225bp over Euribor, a €530m eight-year bullet term loan B at 275bp, a €530m nine-year bullet term loan C at 325bp and a €350m seven-year revolver at 225bp. The other elements of the financing comprise a €500m securitisation, a €230m rollover of existing notes and a €1bn bridge to a high-yield bond. Pro-forma senior leverage is 2.15x, total is 4.4x. Fifty-five per cent of the B/C tranches is carved out for institutions, to which no fee is offered.
Access Group is making a 20% equity contribution which, while on the low side in percentage terms, equates to a hefty €860m. The loan backs Access Group’s €4.4bn buyout of the plastics manufacturer.
Target name: Grupo Coin
Target nation: Italy
Date announced: 16/09/05
Deal type: LBO
Acquirer: PAI
Total value: €2.17 per share
Mandated arrangers: Barclays, Calyon and Mediocredito (Unicredito Banco Mobiliare?).
Financing: €600m
The €600m financing backing PAI’s buyout of Italian retailer Grupo Coin has been re-launched after being pulled from the market in May after a disappointing response. Mandated lead arrangers are Barclays (bookrunner), Banca Intesa, Calyon, Mediocredito and Unicredito Banco Mobiliare.
The deal received a lukewarm response from the market with just five banks joining in addition to the mandated lead arrangers. Among the reasons the deal faced resistance were foreign banks and funds being reluctant to commit to a smaller Italian deal, concerns about the retail sector and general negative sentiment towards the Italian economy. However, the mandated lead arrangers are sufficiently confident to have re-launched the deal without any change to the deal’s structure or pricing. Grupo Coin, under a new CEO, is also believed to have been trading better recently.
Senior debt comprises a €120m seven-year term loan A at 225bp over Euribor, a €100m eight-year term loan B at 275bp, a €100m nine-year term loan C at 325bp, a €150m seven-year revolver at 225bp and a €40m seven-year capex line at 225bp. There is also €90m of mezzanine. Total net debt to EBITDA is 4.3x, while senior net debt to EBITDA is 3.4x. Joint lead arrangers committing €30m or more will earn 90bp, co-arrangers committing €25m will receive 75bp and managers committing €15m will receive 60bp.
Target name: Jet Aviation
Target nation: Switzerland
Date announced: 15/09/05
Acquirer: Permira
Total value: Undisclosed
Mandated arrangers: Citigroup, Mizuho Corporate Bank and RBS
Financing: Undisclosed
Permira has mandated Citigroup, Mizuho Corporate Bank and RBS to arrange the debt supporting its buyout of a majority stake in Jet Aviation from Switzerland’s Hirshmann family. The deal should launch towards the end of the month. Zurich-headquartered Jet Aviation is the world’s largest business aviation service company.
Target name: Kappa Packaging
Target nation: Ireland
Date announced: 16/09/05
Deal type: Acquisition
Acquirer: Jefferson Smurfit (Madison Dearborn)
Total value: €300m in cash and a €75m subordinated promissory note
Mandated arrangers: Citigroup, CSFB, Deutsche Bank and JP Morgan
Financing: €300m in cash and a €75m subordinated promissory note
Citigroup, CSFB, Deutsche Bank and JP Morgan have been mandated to arrange the debt backing Jefferson Smurfit’s acquisition of Kappa Packaging in a deal that will create Europe’s largest manufacturer of cardboard boxes. Jefferson Smurfit will issue shares, pay €300m in cash and a €75m subordinated promissory note for Kappa. Once complete, Smurfit shareholders will hold 58.3% of the company. Madison Dearborn took Jefferson Smurfit private in 2002 in a transaction backed by a €3.5bn Deutsche Bank and Merrill Lynch-arranged debt package. Cinven and CVC are backing Kappa.
Target name: Kwik-Fit
Target nation: UK
Date announced: 26/08/05
Deal type: LBO
Acquirer: PAI Partners
Total value: £800m
Mandated arrangers: Barclays and Deutsche Bank
Financing: £672.5m
The £672.5m senior, second-lien and mezzanine debt package backing PAI’s buyout of Kwik-Fit, the British car repair chain, has closed via mandated lead arrangers Barclays and Deutsche Bank. With the book two times oversubscribed, the leads have reduced the margin of the Euro B/C tranches by 37.5bp and the other B/Cs by 25bp. Furthermore, the £97.5m mezzanine piece now pays 450bp cash and 500bp PIK, down from 500bp and 500bp respectively.
Senior debt totals £500m and is split between a £140m seven-year term loan A at 225bp over Libor, a £135m eight-year term loan B, a £135m nine-year term loan C, a £50m seven-year revolver at 225bp and a £40m capex facility. There is also a £75m second lien paying 500bp over Libor. In syndication, lenders were invited on a single ticket of £35m earning 125bp.
PAI acquired Kwik-Fit for about £800m in a secondary buyout from CVC Capital. Kwik-Fit was first bought out from Ford in 2002 for £330m.
Target name: Legoland Parks
Target nation: UK, Denmark
Date announced: 02/09/05
Deal type: LBO
Acquirer: Blackstone
Total value: Undisclosed
Mandated arrangers:GE Capital, HVB Group and RBS
Financing: €393m
The €393m senior and second lien debt backing Blackstone’s acquisition of Legoland Parks has launched. HVB Group is bookrunner, with GE Capital joining as mandated lead arranger and RBS as joint lead arranger. The loan comprises an €80m seven-year term loan A at 225bp over Euribor, a €97.5m eight-year term loan B at 275bp, a €97.5m nine-year term loan C at 325bp, a €25m seven-year revolver at 225bp and a €28m seven-year capex facility at 225bp. In addition, there is a €65m nine and a half-year second lien piece paying 600bp. Leverage is 5.2x total / 4.2x senior net debt to EBITDA. Tickets and fees have not yet been disclosed, although up to 50% of the B/C tranches is earmarked for institutions. A bank meeting was scheduled to be held at the Lego theme park in Windsor in September, with commitments due by month-end.
In addition to the purchase cost, proceeds finance the merger of the theme park business with Merlin to form Merlin Entertainments Group. Blackstone and management will own a 70% stake in the new group, with Lego group holding the remainder. Lego has been seeking a buyer for its theme parks business for some time following a period of mounting losses. Lego’s net losses in 2004 were more than DKK1.9bn, compared to DKK0.9bn in 2003.
Target name: Moeller Group
Target nation: Germany
Date announced: 15/09/05
Deal type: Secondary buyout
Acquirer: Doughty Hanson
Total value: €1.1bn
Mandated arrangers: Bank of Scotland, Calyon, Commerzbank, GE Capital, Mizuho Corporate Bank, Morgan Stanley, NIB and SG
Financing: €775m
Moeller Group’s €775m LBO facility has launched via mandated lead arrangers and bookrunners Mizuho Corporate Bank and Morgan Stanley. The facility comprises a €160m seven-year term loan A at 225bp over Euribor, a €157.5m eight-year term loan B at 275bp, a €157.5m nine-year term loan C at 325bp, and a €125m seven-year revolver at 225bp. There is also a €60m nine and a half-year second lien tranche at 575bp, and €115m of ten-year mezzanine paying 5% cash and 5% PIK. Six lead arrangers have already joined. They are; Bank of Scotland, Calyon, Commerzbank, GE Capital, NIB and SG.
Doughty Hanson is investing €192m of equity and Vendor Advent International may retain a stake in the business. The loan backs Doughty Hanson’s €1.1bn acquisition of a majority stake in the group, which supplies low-voltage electrical distribution and automation components. Sales were €760m in the last financial year.
Target name: Molnycke
Target nation: Sweden
Date announced: 01/09/05
Deal type: Secondary buyout
Acquirer: Apax Partners
Total value: Undisclosed
Mandated arrangers: Barclays and Deutsche Bank
Financing: €1.21bn
Barclays and Deutsche Bank as mandated lead arrangers are out with the €1.21bn debt supporting Apax Partners’ buyout of Molnycke from Nordic Capital. Lenders are invited as co-arrangers on tickets of US$35m for 90bp and senior lead managers US$25m for 75bp. General syndication follows a successful senior phase in which HSBC, HVB Group, ICG, Mizuho Corporate Bank and Nordea all joined on €60m take-and-hold tickets for 100bp upfront.
The €1.03bn of senior debt is split between a €310m seven-year term loan A at 225bp over Euribor, a €305m eight-year term loan B at 250bp, a €305m nine-year term loan C at 300bp and a €110m seven-year revolver at 225. Subordinate debt is split between a €35m nine and a half-year second lien tranche at 450bp over Libor and a €180m 10-year mezzanine tranche paying 5% cash and 5.5% PIK. Senior net debt to EBITDA is 4.8x, rising to 5x including the second lien piece and a 5.9x total net debt to EBITDA.
Target name: N&W Global Vending
Target nation: Italy
Date announced: 16/09/05
Deal type: Secondary buyout
Acquirer: Bank of America Private Equity and Merrill Lynch Private Equity
Total value: Undisclosed
Mandated arrangers: CIBC and SG
Financing: €527.5m
The €527.5m debt backing Bank of America Private Equity and Merrill Lynch Private Equity’s secondary buyout of N&W Global Vending has launched to an extremely limited sub-underwriting phase via mandated lead arrangers CIBC and SG.
Senior debt comprises a €117.5m seven-year term loan A at 225bp over Euribor, a €97.5m eight-year term loan B at 275bp, a €97.5m nine-year term loan C at 325bp, a €40m seven-year revolver at 225bp, a €40m seven-year acquisition facility at 225bp and a €15m two-year bridge-to-disposal at 225bp. Subordinated debt comprises a €80m nine and a half-year second lien tranche paying 5.5% and a €40m 10-year mezzanine tranche paying 4.5% cash and 5.25% PIK. Compass Partners, which bought the company in 2000 and recapitalised it last year to the tune of €310m, through CIBC and SG, is the seller.
Target name: Saprogal
Target nation: Spain
Date announced: 08/09/05
Deal type: Secondary buyout
Acquirer: Mercapital
Total value: Undisclosed
Mandated arrangers: ING and RBS
Financing: €145m
ING and RBS have been mandated to provide a €145m debt package backing Mercapital’s secondary LBO of Spanish animal foodstuffs manufacturer Saprogal. Debt consists of €120m of senior debt and €25m of mezzanine. The deal allows Carlyle group to exit the business, which it acquired from ConAgra in 2004, backed by debt from RBS. Saprogal’s brands include Biona, Formax and CUF for livestock and Canter, Crocani and Triple Crown for domestic pets. The company employs around 500 people.
Target name: SBS Broadcasting
Target nation: Luxembourg
Date announced: 25/08/05
Deal type: Public-to-private
Acquirer: KKR and Permira
Total value:
Mandated arrangers: Barclays, Lehman Brothers and RBS
Financing: €2bn
Barclays, Lehman Brothers and RBS have been mandated to arrange the circa €2bn financing backing KKR and Permira’s buyout of SBS Broadcasting in a public-to-private transaction. The financing comprises senior, second lien and mezzanine elements. SBS Broadcasting was last in the market in May with a €325m secured revolver, through ABN AMRO, Citigroup, Deutsche Bank and RBS. That five-year loan paid 75bp over Euribor.
Target name: TM Group
Target nation: UK
Date announced: 08/09/05
Deal type: Secondary buyout
Acquirer: Bank of Scotland
Total value: £165m
Mandated arranger: Bank of Scotland
Financing: Unknown as yet
Bank of Scotland has provided a £165m debt and equity package to back the secondary MBO of TM Group, a UK operator of newsagents and convenience stores. Syndication of the debt portion is still some way off. The deal provides an exit for sponsors Electra Partners and Montagu Private Equity, acquirers of the business in 1995. Bank of Scotland will take a minority shareholding in the new structure.
Target name: Travelex
Target nation: UK
Date announced: 24/08/05
Deal type: LBO
Acquirer: Apax
Total value: €1bn
Mandated arrangers: Bank of Scotland, Citigroup and Deutsche Bank
Financing: £602m
Senior and mezzanine tranches on Travelex’s £602m loan have been flexed down following a strong market response. Mandated lead arrangers are Bank of Scotland, Citigroup and Deutsche Bank. After a cut of 25bp on the B/C tranches, senior debt comprises a £105m seven-year term loan A at 225bp over Libor, a £105m eight-year term loan B at 250bp, a £105m nine-year term loan C at 300bp, a £100m seven-year revolver at 225bp, and a £67m l/c facility at 225bp. The £120m of mezzanine has been flexed down by 50bp on the cash portion and 25bp on the PIK, to leave the piece paying 425bp/525bp, respectively. Lead arrangers were offered £25m for 85bp and co-arrangers £15m for 70bp, but were scaled back on those tickets following the oversubscription. The loan backs the secondary buyout of Travelex by Apax Partners.
Target name: Wheelabrator Allevard
Target nation: France
Date announced: 06/09/05
Deal type: Secondary buyout
Acquirer: LBO France
Total value: Unknown as yet
Mandated arranger: RBS
Financing: Approx €350m
RBS has been awarded mandated lead arranger and bookrunner status on the debt backing the LBO France’s buyout of abrasive pellet and diamond tool manufacturer Wheelabrator Allevard.
Target name: Wind
Target nation: Italy
Date announced: 26/07/05
Deal type: LBO
Acquirer: Weather Investments
Total value: €12.2bn
Mandated arrangers: ABN AMRO, Deutsche Bank and San Paolo IMI
Financing: €7.55bn
The €700m second lien loan to part finance the buyout of Italian telecoms company Wind has been tweaked into a note due to a legal technicality. And with mandated lead arrangers on the €7.55bn debt package widely believed to be long, market chatter said the move could be an attempt to attract further liquidity. Wind’s €7.55bn debt deal is Europe’s largest LBO. Senior debt totals €6.85bn and is split between a €3.375bn seven-year term loan A, a €1.5375bn eight-year term loan B, a €1.5375bn nine-year term loan C and a €400m seven-year revolver. There is also a €1.25bn high-yield bridge and a €500m PIK note. The debt has proved a tough sell and mandated lead arrangers ABN AMRO, Deutsche Bank and SanPaolo IMI have already succumbed to pressure from institutional investors and increased the margin on the second lien by 100bp to 625bp as well as offering institutional investors a 100bp fee.
Subhead] Refinancings
Companies in this section
Ferretti
Vivarte
Target name: Ferretti
Target nation: Italy
Date announced: 09/09/05
Acquirer: Permira
Mandated arrangers: Mediobanca and RBS
Financing: €665m
Speedboat manufacturer Ferretti has launched its €665m refinancing via mandated lead arrangers and bookrunners Mediobanca and RBS. Permira is sponsor. The loan comprises a €600m senior secured tranche, a €30m second lien tranche, €20m of cash-pay mezzanine and a €15m PIK loan. The deal is targeted primarily at the Italian market. The group designs and manufactures luxury motor yachts and speedboats in the €7m to €60m range, under the brand names Apreamare, Bertram, CRN, Custom Line, Ferretti Yachts, Itama, Mochi Craft, Pershing and Riva.
Target name: Vivarte
Target nation: France
Date announced: 14/09/05
Acquirer: PAI
Mandated arrangers: BNP Paribas, Calyon, HSBC-CCF, Natexis Banques Populaires and RBS
Financing: €1.588bn
Vivarte has slashed yields on its €1.588bn all-senior recapitalisation, which has launched via mandated lead arrangers and bookrunners BNP Paribas, Calyon, HSBC-CCF, Natexis Banques Populaires and RBS. PAI is sponsor. The loan comprises a €430m seven-year A tranche at 175bp over Euribor, a €404m eight-year B tranche at 250bp, a €404m nine-year C tranche at 275bp, a €100m seven-year revolver at 175bp and a €250m acquisition line that varies between seven and nine years and pays between 175bp and 275bp, depending on use. Senior and total leverage is 4.1x net debt to EBITDA, down from the 3.5x senior/ 4.4x total leverage following the original LBO in 2004. PAI has taken a dividend as part of the recap, but has kept the size down to avoid pushing the leverage figure too high.
The leads are relying on the moderate leverage number and the diverse nature of Vivarte’s business to counter any retail sector concerns, and are reporting healthy levels of reverse enquiries. The reaction from funds has been lukewarm, however, with one investor saying that the B and C tranches in particular could see weak demand. Sub-underwriting banks are offered a €90m ticket with a €60m target hold for 90bp.
The original LBO was backed by a €1.1bn senior and mezzanine package arranged by Barclays, Calyon, Natexis Banques Populaires and RBS. Debt comprised a €124m seven-year term loan A1 paying 225bp over Euribor, a €194.4m seven-year term loan A2 paying 225bp, a €177.5m eight-year term loan B at 275bp, a €177.5m nine-year term loan C at 325bp, a €165m seven-year revolver paying 225bp and a €40m capex loan at 237.5bp. The mezzanine comprised €150m of 10-year unwarranted notes paying 4.75% cash and 7.25% PIK and €75m of 10-year warranted notes at 4.75% cash and 4.75% PIK.
Source: IFR Loans
Headline] Private equity-backed takeovers subject to EU competition law
Subhead] Aviapartner
Private equity backer: 3i
Business description: Independent ground handler
Deal value: Undisclosed
Notified: 02/08/05
Provisional deadline: n/a
Cleared: 02/09/05
The European Commission has cleared 3i’s acquisition of independent ground handler, Aviapartner. Headquartered in Brussels, Aviapartner offers a range of ground handling services via its international network of 31 airports across five European countries. The ground handling industry is a dynamic sector with strong growth prospects from the continued increase in air traffic and further out-sourcing of non-core operations by airlines. Furthermore, EU-enforced liberalisation of airports and Eastern European countries’ accession to the EU will provide Aviapartner with the opportunity to further expand into new stations and geographies.
3i has extensive experience in the aviation sector. In June 2001, 3i acquired low cost airline Go Fly from British Airways, which it sold to easyJet in a €560m deal, representing a 2.7 times return on its investment. In 2002, 3i led the MBO of SR Technics, a provider of comprehensive technical support for aircraft, engines and components, in a €425m transaction.
Subhead] Bonna Sabla
Private equity backer: Industri Kapital
Business description: Manufacturer of
prefabricated concrete products
Deal value: €235m
Notified: 16/08/05
Provisional deadline: 20/09/05
Cleared: n/a
Industri Kapital has signed an agreement to acquire Bonna Sabla, a manufacturer of prefabricated concrete products, from AXA Private Equity and other shareholders, for an enterprise value of approximately €235m. The transaction is subject to regulatory approvals. Bonna Sabla operates in the public service markets such as water conveyance, sanitation, civil engineering, urban environment and railway sleepers. Turnover for 2005 is expected to be approximately €400m, of which 30% is from international markets. Bonna Sabla has 2,800 employees.
Subhead] CPI
Private equity backer: Electra/CVC
Business description: Monochrome book manufacturer
Deal value: Undisclosed
Notified: 23/08/05
Provisional deadline: 27/09/05
Cleared: n/a
Electra Partners Europe and CVC Capital Partners are awaiting regulatory approval to acquire monochrome book manufacturer, CPI. Under the terms of the MBO agreement, Electra Partners Europe and CVC will invest an equal share in CPI, alongside management led by Timothy Bovard, the co-founder of CPI with Cyrille Chevrillon. Founded in 1996 through the acquisition of Bussière, CPI has since grown rapidly by acquisition, buying groups such as Cox & Wyman, Mackays and Bath Press in the UK; Brodard & Taupin and Firmin Didot in France; Koninklijke Wohrmann in Holland and Clausen & Bosse in Germany. On the back of its acquisitive growth, CPI has become a market leader in France, Germany and The Netherlands and is the number two player in the UK and the Czech Republic. In 2005, the group generated a turnover of €360m. CPI currently produces around two million books a day, including recent titles from bestselling authors Dan Brown, Martina Cole and Wilbur Smith.
Subhead] Herlitz
Private equity backer: Advent International
Business description: Manufacturer and supplier of stationery
Deal value: Undisclosed
Notified: 17/08/05
Provisional deadline: 21/09/05
Cleared: n/a
Advent International is awaiting regulatory approval for the acquisition of a majority interest in Herlitz, a German manufacturer and supplier of stationery and greeting card and gift-wrapping-paper products. Advent has acquired a 65% interest in the business for an undisclosed sum from a consortium of banks, which assumed their stake in the company following a financial restructuring in 2001. The remaining 35% of the company is held by free-float shareholders and is currently listed on the German Stock Exchange. Advent’s acquisition marks the first significant investment in the business following the financial restructuring. A household name in Germany, Herlitz is active in the stationery and greeting card and gift-wrapping market. Stationery represents the larger of the two relevant markets, valued at €4bn in 2004, while the stationery and greeting card and gift-wrapping market is significantly smaller, valued at €0.9bn. Herlitz generated revenues of €335m last year. The German market currently accounts for approximately 70% of Herlitz’ total sales.
Subhead] Moeller
Private equity backer: Doughty Hanson
Business description: Supplier of low-voltage electrical distribution and automation components for industrial, commercial and residential use
Deal value: €1.1bn
Notified: 01/08/05
Provisional deadline: n/a
Cleared: 05/09/05
Doughty Hanson’s acquisition of a majority stake in Moeller Group, one of Europe’s largest suppliers of low-voltage electrical distribution and automation components for industrial, commercial and residential use, has been cleared by the European Commission. The business is being acquired for €1.1bn including pension liabilities and financial debt. Moeller is headquartered in Bonn and generated sales of €760m in the core business in the financial year to April 30, 2005. Doughty Hanson is investing €192m to acquire a majority stake in Moeller from private equity firm Advent International. Moeller’s management will retain a minority stake in Moeller, as may Advent. Mizuho and Morgan Stanley are underwriting an acquisition debt facility of around €650m. Doughty Hanson will work with Moeller’s management to continue consolidating its market position; developing and enhancing its customer relationships and pursuing a strategic growth plan to expand its presence in high growth markets such as Asia Pacific and Eastern Europe.
Subhead] Panrico
Private equity backer: Apax
Business description: Food group
Deal value: Undisclosed
Notified: 22/08/05
Provisional deadline: 26/09/05
Cleared: n/a
Apax Partners is awaiting regulatory clearance to acquire a majority shareholding in Panrico SA from the Costafreda Family, La Caixa and other minority shareholders. Grupo Panrico, one of the most prominent Spanish food groups, is a leading Iberian bakery company. Founded in 1961, Panrico focuses on the value-added branded pastries and sliced bread categories, where it operates under brands such as Donuts, Panrico, Bollycao and Donettes. Nicolás Bonilla, head of Apax Partners Spain, said: “Panrico is a leader in each of its business segments, both in Spain and Portugal. Panrico’s unparalleled product mix, highly diversified customer base and unique distribution network offer significant growth prospects. Apax has every confidence in the current management team, who will continue leading the company. Panrico is our funds’ fifth investment in Spain in the last two years, and demonstrates our commitment with the Spanish private equity market”.
Subhead] Versatel’s German business
Private equity backer: Apax
Business description: Telecoms business
Deal value: €56m
Notified: 05/08/05
Provisional deadline: n/a
Cleared: 07/09/05
The European Commission has approved under the EU Merger Regulation the proposed acquisition of the Dutch and Belgian parts of Versatel Telecom International NV by the Swedish-based telecommunications operator Tele2 AB. The Commission concluded the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it. Tele2 offers products and services in fixed and mobile telephony, Internet, data network and cable TV in 25 European countries. Versatel is a telecommunications network owner which provides business and residential customers with voice, data and Internet services. The Commission’s examination of the proposed transaction showed that there are only insignificant horizontal overlaps between the activities of the parties in Belgium and in the Netherlands and the combined market shares resulting from the proposed transaction would not lead to any restriction of competition. Furthermore, the proposed transaction would not raise any substantial vertical competition concerns in the Dutch and Belgian markets for fixed and mobile telecommunications.
Source: EVCJ
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