(Corrects dollar conversion figure in second paragraph to 335 from 3350)
By Claire Ruckin
LONDON, Aug 28 (Reuters) - 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) ($1=0.7990 euros) (Reporting by Claire Ruckin; Editing by Greg Mahlich)