Get, a Norwegian provider of cable TV, high-speed broadband internet and telephony services, known as a triple play provider, has been sold by UK-based private equity firm Candover for NOK5.8bn (US$1.1bn).
US-based Quadrangle Capital Partners and GS Capital Partners, a private equity subsidiary of Goldman Sachs, was advised in the secondary buyout by Goldman Sachs International and Linklaters.
Candover was advised by Merrill Lynch, which provided staple financing. The acquisition is expected to be completed in December, subject to regulatory approval.
Candover originally acquired UPC Norway in January 2006 and rebranded the business as Get in October of that year. for €445m. The sale provides Candover with approximately 2.2 times its original investment, generating an IRR of 50%. Candover has also retained an ownership stake in Get.
Both Quadrangle and GS Capital have previous investments in the media and communications industries, including Endemol, Kabel Deutschland, Cablecom and Bresnan Communications.