NETHERLANDS - Cinven and Warburg Pincus to acquire Essent Kabelcom

Wietske Blees
03 August 2006

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Cinven and Warburg Pincus have announced that they have reached an agreement to acquire Essent Kabelcom from Essent NV for EUR 2.6bn. The acquisition follows the recent agreement for Cinven and Warburg Pincus to acquire Casema, another Dutch cable company and it is intended that following completion of both transactions, Kabelcom, Casema and Warburg Pincus-owned Multikabel will cooperate in providing cable services to the Dutch market.

Kabelcom, headquartered in Groningen, is the second largest cable company in the Netherlands. The company operates in the field of data-communication and telecommunication, radio, TV, Internet and telephone services, for the consumer market as well as business-to-business. As of 30 June 2006, the company had 1.7 million television subscribers, 595,000 broadband internet and 99,000 telephony subscribers.

Together Kabelcom, Casema and Multikabel will serve over 3.3 million customers and have pro forma revenue of approximately EUR 870m for the financial year ended 31 December 2005.

Subject to works council consultations and regulatory approvals together with customary closing conditions, the transaction is expected to complete in the first quarter of 2007.