Apax, which approached Kabel Deutschland’s owners seeking exclusive negotiations before the start of the process, has not placed an offer, two other people said. The firm regarded the business as too expensive, one of the people said.
Kabel Deutschland is 88 percent owned by Providence Equity Partners, 8 percent by Teachers’ pension Plan and 4 percent by management.
Morgan Stanley, Deutsche, UBS, JP Morgan, BNP Paribas and Societe Generale are providing staple financing for the deal, indicating that the bids are fully financed, two bankers said. (Reporting by Victoria Howley, Philipp Halstrick, Tessa Walsh, Zaida Espana and Alexander Huebner; Editing by Dan Lalor)