DENMARK - KKR et al. prepare for TDC sale

Headquartered in Copenhagen, TDC was established by the Danish state in 1990 as a parent company of four Danish telecommunications businesses. In 2000, the company changed its name from Tele Danmark to TDC.

With over 15.5 million customers, TDC includes different business lines including TDC Solutions, TDC Mobile International, TDC Switzerland, TDC Cable TV and TDC Services. Based on TDC's current share price, the company is worth about $8.4bn. There are around 20,000 TDC employees worldwide and some 14,000 of them are based in Denmark.

In 2006, a private equity consortium comprising KKR, Blackstone, Permira, Apax and Providence Equity Partners acquired 88% of the company in a EUR 10bn deal, in what was at the time Europe's largest ever leveraged buyout. Barclays Capital, Credit Suisse First Boston, Deutsche Bank, JP Morgan and The Royal Bank of Scotland provided debt to finance the transaction.

The remaining 12% of the company was listed on the Danish Stock Exchange.

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