UPC Norway (Norway) - Dec 2007

Candover has sold Get A/S (formerly known as UPC Norway) for an enterprise value of NKr 5.8bn, securing an IRR of approximately 50% and a money multiple of 2.2x, to US mid-market buyout house Quadrangle Capital Partners and Goldman Sachs’ private equity arm GS Capital Partners. Candover retained a 7% equity stake in the business. Candover had not been planning to sell the company, but was approached by the two new owners with ‘an offer that could not be refused’. Merrill Lynch held a limited auction process where a few parties placed bids, and GS and Quadrangle made the highest bid.

Advisers

Equity - Goldman Sachs, (Financial Due Diligence)Equity - Linklaters, Ian Bagshaw, Krister Hansen (Legal)Vendor - Clifford Chance LLP, Adam Signy (Legal)Vendor - Merrill Lynch, (Financial Due Diligence)

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• Secondary buyout