Telenet update

Following last issues news in brief concerning Telenet’s proposed flotation, reports suggest that the Belgian cable television operator has approached six banks to act as a bookrunner for the IPO, which is expected to raise around EUR 1bn. Four of the banks, Goldman Sachs, JP Morgan, Lehman Brothers and KBC, currently advise the company on legal and documentation issues. The two others approached are reportedly Merrill Lynch and Deutsche Bank. It has been stressed in the press that negotiations are at a very early stage and that a float will not happen until the end of the year or early next year. It would mean an exit for GIMV, which holds a 14.9% holding in the company.

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