UPDATE 1-TDC's private equity owners reduce stake further

Tue Nov 27, 2012 5:44am EST

* Sold 80 million shares via accelerated offering

* Priced at 37.1 Danish crowns per share - source

* Second sale by NTC Holding this year

By Kylie MacLellan

LONDON, Nov 27 (Reuters) - The main owners of Denmark's TDC have raised nearly 3 billion Danish crowns ($521.5 million) from the sale of stock in the telecoms group, reducing their stake for a second time this year.

NTC Holding, a consortium of investment firms Apax Partners, the Blackstone Group LP, Kohlberg Kravis Roberts, Permira Advisers and Providence Equity Partners, said on Tuesday it had sold 80 million shares in TDC.

The shares, sold via an accelerated offering overnight, were priced at 37.1 crowns each, a source close to the deal said, adding that the sale was "comfortably oversubscribed".

That price marks a 4.8 percent discount to Monday's closing share price of 38.95 crowns. TDC's shares were down 3.8 percent at 37.46 crowns by 0949 GMT.

NTC bought nearly 89 percent of the former state-owned monopoly operator in the autumn of 2005 and sold 28.8 percent of the stock in one of the biggest share offerings of 2010 for around $2.2 billion.

Earlier this year it relinquished majority control, reducing its stake to around 43.3 percent, in a sale which saw bookrunner Morgan Stanley end up with a 7 percent holding in the market leader after failing to find enough buyers.

Shares in TDC, whose profits have been under pressure from a price war in Denmark's cellphone market, have fallen around 13.7 percent since that February sale, which was priced at 43.4 crowns per share.

The latest sale, for which JP Morgan was the sole bookrunner, reduced NTC's stake to around 33 percent, the consortium said, without identifying which of its investors had sold.

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