Private Equity Firms that between them own 88% of the Danish telco TDC, owner of cableco YouSee, have appointed bankers to co-ordinate a sale of part of the company.
Blackstone, Permira, KKR, Providence and Apax Partners bought their stake in 2005 for a record $15.3 billion. The remainder floats on the Copenhagen stock market, but is rarely traded.
Sources told Reuters that the owners were looking to complete the sale by the end of the year with an announcement coming towards the end of November.
JPMorgan, Morgan Stanley and SEB were named as the joint co-ordinators of the deal. The full banking syndicate is expected to include nine Nordic, European and US banks.
The proportion of the company on offer is not known.
Last month TDC offloaded its Swiss unit, Sunrise, to private equity firm CVC Capital Partners for $3.3 billion, a move seen as a precursor to the IPO.