Owners plan to list shares of Norwegian cable firm Get

STOCKHOLM/FRANKFURT Tue May 27, 2014 12:25pm EDT

STOCKHOLM/FRANKFURT May 27 (Reuters) - The owners of Norwegian cable firm Get plan to list its shares on the stock market and have hired banks to advise on an offering that could value it at around 15 billion Norwegian crowns ($2.5 billion) including debt, sources said.

The four sources familiar with the matter, who declined to be identified because the plans are not yet public, said Goldman Sachs and Deutsche Bank would be global coordinators in the initial public offering (IPO). Two of the people said UBS and Barclays would also be involved as bookrunners.

The sources said Get's owners - the private equity arm of Goldman Sachs and communications technology focused investment firm Quadrangle - planned to list the cable firm's shares in Oslo after the European summer, with one specifying September.

Get declined to comment, as did Barclays and Goldman Sachs. New York-based Quadrangle and the other banks did not immediately return requests for comment.

A listing of Get would come amid a frenzy of deal activity in the European cable sector.

Sweden's Com Hem, owned by BC Partners, said last week it would raise around $835 million in a Stockholm IPO.

Vodafone earlier this year agreed to buy Spain's largest cable firm, Ono, in a $10 billion deal, and U.S. cable group Liberty Global is buying Dutch peer Ziggo .

One of the sources said the valuation sought for Get was equal to roughly 11 times its expected 2015 earnings before interest tax, depreciation and amortisation (EBITDA). That would put the valuation in line with shares in France's Numericable , which also trade at around 11 times 2015 forecast earnings, according to Thomson Reuters data.

Get had sales of 2.44 billion crowns last year and EBITDA rose about 17 percent to 1.12 billion crowns compared with 2012.

GS Capital Partners and Quadrangle bought Get, Norway's No.2 cable operator behind Telenor, from private equity firm Candover for around $1.1 billion including debt in late 2007.

($1 = 5.9589 Norwegian Krones) (Reporting by Sven Nordenstam in Stockholm and Arno Schuetze in Frankfurt; Editing by Pravin Char)

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