FRANKFURT, July 1 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
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)