Private equity-backed TDF wins Media & Broadcast

French terrestrial broadcaster TDF has acquired Deutsche Telekom's Media & Broadcast division, for a total consideration of EUR850m. The acquirer, which is backed by Texas Pacific Group (TPG), AXA Private Equity and Charterhouse, won an auction which attracted bidders including The Macquarie Group.

The company's financial backers provided new equity, with values proportional to their current ownership in TDF (TPG 42%, AXA 18%, Charterhouse 14%). A pool of banks underwrote a debt package to support this leveraged build-up deal, which is due to be completed in early 2008.

Media & Broadcast designs and runs terrestrial and digital broadcasting networks, which generated EUR526m in 2006. The newly-merged group anticipates total revenues of EUR1.6bn in 2007 (half of which were generated outside France), and employs more than 5,000 employees in eight countries.

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