(Corrects to change Partner to Partners in lead and show that
the planned sale had been for a multi-billion euro amount, not
* 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 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)