German cable group Tele Columbus picks banks for IPO - sources
FRANKFURT, July 1
FRANKFURT, July 1 (Reuters) - German cable operator Tele Columbus has picked Goldman Sachs and JP Morgan to organise a stock market listing later this year, two people familiar with the plan said.
The group, which is owned by several hedge funds and credit funds following a financial restructuring, hopes to benefit from buoyant equity markets.
Telecolumbus would be the third German group which has recently emerged from a restructuring to list this year.
In the last couple of weeks, German car parts maker Stabilus and roofing company Braas Monier listed on the Frankfurt stock exchange, both after completing a revamp.
Tele Columbus and the banks declined to comment. Germany's third-largest cable company after Kabel Deutschland and Unitymedia Kabel BW last year posted 90 million euros ($123 million) in earnings before interest, tax, depreciation and amortisation (EBITDA) on sales of 224 million euros.
Listed peers like Kabel Deutschland, Ziggo and Numericable trade at an average of 10.8 times their expected annual EBITDA.
If Tele Columbus is able to reap a comparable valuation it would be valued at about 1 billion euros, although investors are likely to ask for a discount in a potential share sale. ($1 = 0.7331 Euros) (Reporting by Alexander Hübner, Arno Schuetze and Peter Maushagen; Editing by Kirsti Knolle)
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