(Corrects dollar conversion figure in second paragraph to 335
By Claire Ruckin
LONDON Aug 28 Private equity firm Advent
International is in talks to buy Danish IT systems group KMD,
reviving the sale process which was halted earlier this year
after offers failed to meet the sellers' expectations on price,
banking sources said on Tuesday.
Private equity firm EQT and Danish pension fund ATP bought
KMD in 2008 for 2 billion Danish crowns ($335 million) -- EQT
acquired 85 percent and ATP got the rest. They put the company
up for sale this year and attracted interest from Nordic Capital
and Advent International but pulled the process after bids fell
short of the approximate price tag of 700 million euros ($876
million). [ID: nL5E8HFCO0]
Advent has now returned, bankers said.
"KMD is an attractive company. It's a better environment
now to do the deal," one said.
EQT and ATP are being advised by Morgan Stanley and Nordea
while Advent is being advised by debt advisory business
Marlborough Partners, the bankers added.
No one at EQT was immediately available to comment while
Advent and Marlborough declined to comment.
Bankers are working on debt packages to back the buyout. The
financing is likely to be made up of all-senior leveraged loans
provided by more than 10 banks. Bankers were previously looking
at debt packages of around 300 to 400 million euros when the
company went up for sale earlier in the year.
KMD employs more than 3,200 people and has an annual revenue
of more than 3.8 billion crowns, according to its website.
($1=5.9665 Danish crowns)
(Reporting by Claire Ruckin; Editing by Greg Mahlich)