Ratos sells broadband operator Stofa for DKK 1.9bn

The selling price for all shares of the company amounts to DKK 1.002bn, with Stofa's enterprise value being DKK 1.9bn. Ratos's share of equity in the company amounts to DKK 991m.

The net profit from the exit is expected to total SEK 850m, according to the asset's book value in June 2012. This amount will still be affected by the company's performance until the conclusion of the sale. Ratos reaped a 55% IRR on its investment.

SE, the acquirer, is a Danish service provider in the areas of energy, internet, TV and telephony. SE's turnover amounted to DKK 2.9bn in 2011.

Ratos acquired Stofa from TeliaSonera in July 2010, providing DKK 528m in equity. In January 2012, Ratos refinanced the company for approximately SEK 515m, allowing Ratos to receive a dividend of SEK 510m.

The deal remains subject to approval from regulatory authorities and SE's board of representatives. It is expected to close around the end of the year.

Company
Stofa is a Danish operator of broadband, cable TV and telephony services headquartered in Horsens. The company employs 400 people across 8 offices, catering to a customer base of about 375,000 Danish households for cable TV and 200,000 for broadband.

Between 2009 and 2011, Stofa's turnover rose from DKK 1.024bn to DKK 1.146bn, while operating profit rose from DKK 92m to DKK 146m.

People
CEO Susanna Campbell led the exit on behalf of Ratos.

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