Providence's KDG cuts IPO share number

Hoping to raise about EUR 700m, the plan is to issue up to 30m shares with a greenshoe option of up to 4.5 million, with shares priced at EUR 21.50-25.50. Originally, the company planned to issue a total of 52 million shares.

Providence acquired Kabel Deutschland in 2003 and continues to hold 88% of the company. Several private equity firms expressed an interest to acquire the company, among them Advent International, The Carlyle Group, Bain Capital, CVC Partners and BC Partners.

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