KDG may sell as many as 45 million shares. The IPO price range is to be announced from March 10 to March 12, with an offering period starting from March 11 to March 15 and ending on March 19. The initial listing will be on March 22.
Earlier, Kabel Deutschland embarked on a dual track strategy, by on the hand hand talking to possible buyers, while at the same time preparing for an IPO, in order to maximise the value of the company. Talking to takeover candidates, the operator was valued between €5- 5.5 billion. But the shareholders believe an IPO can bring in more money.
Last November John Malone’s Liberty Global paid BC Partners and Apollo Management LP about €2 billion for Cologne-based Unitymedia GmbH, Germany’s second-largest cable company. The cabler will be integrated into the UPC fold, but no decision has been made if the Unitymedia name will be kept or changed into UPC Germany.
Current KDG shareholders are Providence Equity Partners (about 88%). The Teachers Pension Plan holds (about 8%) and KDG Management with others the remaining 4%.