Permira prepares NDS IPO

The European private equity group owns 51% of the company, while Rupert Murdoch's global media empire, News Corp, holds the remaining share capital.

As the IPO is still in the early stages, it is not yet known how much the vendors are hoping to raise. However, last March NDS chairman and CEO Abe Peled told the Daily Telegraph that the firm would list on the London Stock Exchange in 2012 at a valuation of £2.4bn.

Permira acquired its stake in the technology business through a take-private transaction worth $3.6bn in July 2008. It was previously listed on Nasdaq. This deal saw News Corp reduce its stake from 72% to 49%.

London-based NDS supplies smart cards and set-top box software that enable broadcast platform operators and content providers to deliver content securely to subscribers for digital satellite, pay-TV and internet services. The company has offices and R&D centres in more than 20 locations around the world.

In January it sold its OpenBet subsidiary to Vitruvian Partners as part of a £208m MBO.

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