Telfort

Exit deal

Greenfield Capital Partners has made nearly 50x its investment on Telfort, the mobile telephone network. KPN, the largest operator of fixed line and mobile telecommunications in the Netherlands, has acquired the company for a figure believed to be around E1.12bn. This return is a record multiple for European private equity. Stef van Doesburg worked on the exit for Greenfield. ING advised KPN.O2, formerly the mobile telecommunications unit of British Telecom, established O2 Netherlands in 1996 as a joint venture between BT and Dutch railway company Nederlandse Spoorwagen. The firm began its operations as Telfort Group, functioning under the title Telfort Mobiel, a provFider of fixed-line telecoms services.

Previous funding

Greenfield bought Telfort, then O2 Netherlands, for E25m from O2 on 6 June 2003 (page 13, June 2003). No leverage was involved in the transaction. The deal received approval from the Dutch competition authorities on 28 May and the deal was finalised on 6 June.

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