Chequers exits DTK Deutsche Telekabel in trade sale

Chequers hitherto owned a majority stake in Deutsche Telekabel's parent company ACN Telekabel Holding, which it bought for €66m in June 2010. UniCredit provided debt worth €44m in order to finance the 2010 deal.

PrimaCom, which was private equity-backed until its flotation on the Nasdaq in 1999, initially placed bids for Tele Columbus and Deutsche Telekabel in October last year. The takeover is expected to consolidate the company's requirement for regionally active cable operators and increase its reach by 30% to 1.3 million households, mostly in the former Federal Republic.

PrimaCom also hopes to improve its broadband services following the bolt-on. PrimaCom expects the purchase of DTK to represent a counterweight to Germany's major cable operators Kabel Deutschland and Unity Media/Kabel BW.

Company
Headquartered in Frankfurt am Main, Deutsche Telekabel was founded in 2003 as a spinout from the Deutsche Wohnen housing business, which had been operating since 1976. DTK is an independent network infrastructure provider in Germany that operates and builds interactive broadband cable systems. In addition to radio and television services, the firm also provides high-speed internet, telephone services and mobile products to approximately 270,000 households.

People
Roland Stone is the CEO of DTK. Joachim Grendel is the CEO of PrimaCom. Dominique Du Peloux is a managing director at Chequers.

Advisers
Equity – Clifford Chance, Burc Hesse, Joachim Hasselbach, Regina Goebel, Uwe Schimmelschmidt, Cord von Mandelsloh, Albrecht von Graevenitz, Thomas Weitkamp (Legal).

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