CORRECTED - UPDATE 1-Kabel Deutschland announces IPO plans
(Corrects to change Partner to Partners in lead and show that the planned sale had been for a multi-billion euro amount, not billion-euro)
* Kabel Deutschland says will launch IPO
* Says shares to be listed on Frankfurt Stock Exchange
* Says IPO will comprise existing shareholders' stock
(Adds details, background)
FRANKFURT, Feb 23 (Reuters) - German cable television operator Kabel Deutschland [KABLD.UL] announced plans for an initial public offering after a planned multi-billion euro sale by owner Providence Equity Partners fell through. "The IPO will only be comprised of shares sold by the existing shareholder," Kabel Deutschland said on Tuesday.
It said that the shares to be offered in the IPO will be listed on the Frankfurt Stock Exchange. It did not publish any further details of the planned IPO.
Sources had told Reuters last week that private equity group Providence expected the listing to lead to a higher valuation of the company than an outright sale. [ID:nN21156818]
At least four private equity houses -- Advent, Carlyle [CYL.UL], Bain Capital and a consortium of CVC Partners [CVC.UL] and BC Partners [BCPRT.UL] -- had bid between 5 billion euros and 5.5 billion euros for Kabel Deutschland, sources said.
Providence owns 88 percent of Kabel Deutschland. Other shareholders in the business, which has 9 million cable customers in 13 of the 16 German states, are Teachers' Pension Plan, holding 8 percent, and management with 4 percent. (Reporting by Maria Sheahan)