STOCKHOLM/FRANKFURT May 27 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
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)