DENMARK - Apax, Permira-backed TDC acquires Fullrate

Fullrate has been backed by SEED since its inception in 2005. The Copenhagen-based business provides telephone and broadband internet access nationwide and has recently expanded its service offerings to include mobile broadband. It currently has 76,000 residential and business customers, representing approximately 4% of the Danish broadband market. In 2008 revenues doubled compared to 2007, totaling at DKK 181m, while EBITDA increased from DKK 15.4m to DKK 35.7m. The company employs 110 people.

TDC A/S was acquired in 2006 by a consortium of investors comprising Apax, KKR, Providence, Permira and Blackstone, in a deal valuing the company at EUR 10.18bn - then the largest private equity-backed buyout ever completed. The consortium controls 87.9% of the company through the holding company Nordic Telephone Company ApS and the company's shares remain listed on the NASDAQ OMX Copenhagen.

Fullrate will remain an independent brand in the TDC group and current management will retain their positions.

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