Axcel considering Pandora IPO

The company posted a DKK 1.02bn EBITDA for the first half of 2010. Considering a conservative DKK 2bn EBITDA for the whole of 2010 and a market value of 10x EBITDA, Pandora's price tag could reach around DKK 20bn (€2.68bn). However, sources familiar with the situation valued the company as high as DKK 29.7bn (€4bn).

Axcel acquired 59.3% of Pandora in 2008; the deal was estimated to be in the €100-250m range. Nordea, which financed part of the initial investment, would reportedly be in charge of the flotation to retail investors.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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• Nordics
• Exits
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• Flotation
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