PE-backed TDF attracts €3.5-3.6bn offers

Greg Gille
@unquotenews
23 October 2013

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The private equity backers of broadcast tower operator Télédiffusion de France (TDF) are considering bids in the region of €3.5bn for the sale of the firm’s French unit, Reuters has reported.

TPG Capital, Axa Private Equity, Charterhouse Capital Partners and state-backed vehicle Fonds Strategique d'Investissement were initially looking to get around €4bn for the asset. The owners are understood to be weighing two bids at this stage: a €3.5bn offer from a consortium led by Canadian pension fund PSP Investments, and a €3.6bn bid from Dering Capital.

The sale could still be pulled if the vendors deem the offers too low, Reuters added.

The GPs acquired TDF in 2006, beating rival bids from syndicates led by Eurazeo and Macquarie, and a partnership between PAI partners and Goldman Sachs, according to unquote" data.

In August 2012, TDF sold its Finnish operation Digita Oy to First State Investments, the overseas investment unit of the Commonwealth Bank of Australia. The sale was thought to value the unit at €400m.