EQT lines up Tampnet sale process

A number of private equity funds and infrastructure investors are lining up bids with a first round expected around mid-May. EQT is aiming to finish the auction by the Norwegian summer break, according to Unquote sister publication Mergermarket, which cited several sources briefed on the matter.

Bidders for Tampnet include 3i Infrastructure, while Antin and SL Capital are also looking to bid, the report noted.

EQT declined to comment.

The asset could interest other financial bidders such as Ardian,  Stonepeak Infrastructure Partners, which might see synergies with its recently acquired euNetworks. However, it would likely be too small for players such as Macquarie Infrastructure and Real Assets.

According to EQT's website, Tampnet generated NOK 476m in revenues in the 2016 financial year, and a NOK 299m EBITDA, up from NOK 441m and NOK 292m respectively the year before.

A previous estimate by Mergermarket projected revenue and EBITDA to climb to around NOK 540m and NOK 330m, respectively, and typical sector valuations start from around 10x EBITDA.

Tampnet was established by Statoil in 2001, with HitecVision acquiring the firm in July 2010 in a deal valued at €25-50m. During HitecVision's ownership, the company grew its turnover by 60% and its EBITDA by 75%, according to Unquote Data.
 
EQT acquired the offshore communications operator from Hitecvision for NOK 1.5bn in October 2012.  Equity for the deal was sourced from EQT Infrastructure and EQT Infrastructure II.

Following on from the investment, Tampnet acquired BP's UK North Sea fibre optics assets in 2014 and expanded to the Gulf of Mexico in 2014.

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