Quadrangle, Goldman Sachs sell Get to TDC for NOK 13.8bn

Quadrangle and Goldman Sachs' exit comes nearly seven years after the New York-headquartered GPs acquired the Norwegian company from Candover for NOK 5.8bn.

The deal is expected to close in the final quarter of 2014, subject to regulatory approval.

Prior to the deal, Swedish GP EQT had been strongly linked with a buyout of Get in several media reports, but TDC ultimately won out.

The Danish company's acquisition will create the largest provider of residential cable TV and broadband in Scandinavia. CEO of TDC Carsten Dilling referred to the deal as the most important for his group in years.

Previous funding
Goldman Sachs and Quadrangle acquired Get in November 2007 from Candover in a NOK 5.8bn secondary buyout that saw Candover retain a 7% stake in the company.

Candover's exit came just a year after it had bought UPC Norway from Liberty Global for €450m and rebranded the company as Get.

The GP acquired 90% of UPC Norway's shares through an auction process which saw management retain 10%, and was the first investment made from the Candover 2005 Fund.

Company
Get is the second largest provider of video and fixed-line broadband services in Norway, after part-state-owned Telenor.

The business's cable network connects it to 587,000 households and around 40,000 businesses in Norway, and was the fastest growing internet and TV service provider in the country last year, according to the Norwegian regulator.

Founded in 1969, Get is headquartered in Oslo and had EBITDA of NOK 1.1bn in 2013, with revenues of nearly NOK 2.4bn. It employs 840 staff.

People
Peter Ezersky is managing principal at Quadrangle, while managing director Andrew Wolff worked on the deal for Goldman.

Gunnar Evensen is the CEO of Get and his counterparty at TDC is Carsten Dilling.

Advisers
Equity – JP Morgan (M&A); Kromann Reumert (Legal).
Company – Goldman Sachs (M&A); Deutsche Bank (M&A).

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