Permira, the private equity firm, has sent out capital call letters to investors in order to raise US$917.8m for its US$3.6bn take-private of Nasdaq-listed UK security business NDS alongside Rupert Murdoch’s News Corp.
Permira agreed last June to acquire 51% of UK-based NDS, in which News Corp had previously held the majority of shares. Following the deal, News Corp will hold 49%.
NDS creates security and enabling technologies which allow pay TV operators to generate revenues by delivering digital content to TVs, set-top boxes, computers and mobile phones.
In December, Permira agreed to investors capping their original commitments to its €11.1bn fourth fund at 60%, in return for a 25% reduction in their entitlement to distributions.