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Sweden's Com Hem Hires Deutsche Bank, Morgan Stanley - Source

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Swedish cable operator Com Hem has hired Deutsche Bank AG (DB) and Morgan Stanley (MS) to run an auction process, a person familiar with the situation told Dow Jones Newswires Tuesday. Com Hem is owned by private equity firms Carlyle Group and Providence Equity Partners, which bought the Stockholm-based cable operator in January 2006 for around $1.2 billion. In June that year, the buyout duo merged the company with UPC Sweden which they bought from John Malone's Liberty Global Inc. (LBTYA) for $427 billion. Com Hem had earnings before interest tax depreciation and amortization of 1.85 billion Swedish kronor ($294.4 million) in 2010, an increase of 13% on the previous year and boosted by a fourth quarter rise of 32% compared with the same period in 2009. Last year, Com Hem invested SEK680 million to develop infrastructure and services and by year's end had 840,600 digital TV, broadband and telephone subscribers. It is unclear exactly what value the owners put on the business, but earlier this year Swedish private equity company EQT announced the sale of German cable operator Kabel Baden-Wuerttemberg GmbH & Co. KG (KD8.XE) to Liberty Global for EUR3.16 billion, representing an Ebitda multiple of 8.1 on forecast 2011 earnings. A similar multiple on a trailing basis would value Com Hem at around SEK15 billion ($2.39 billion). Non-disclosure agreements have been sent out to several interested private equity firms. Likely bidders include Blackstone Group (BX), Nordic Capital, Hellman & Friedman and BC Partners. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

Stock News for Liberty Global (LBTYB)
DateTimeHeadline
04/16/201403:29:51Ziggo Swings to 1Q Net Loss; 2014 Outlook Unchanged
04/15/201417:55:12Liberty Global Files 8K - Direct Or Off-Balance Sheet Financial...
04/04/201416:47:18Liberty Global Files 8K - Changes Executive Management
04/03/201408:10:02Dutch Cable Merger Faces EU Antitrust Review
04/03/201407:19:24EU Antitrust Chief Signals Brussels Will Review Dutch Cable Merger
03/25/201416:52:50Liberty Global Files 8K - Regulation FD
03/24/201417:32:16Liberty Global Files 8K - Other Events
03/19/201416:53:11Liberty Global Files 8K - Unregistered Equity Sales
03/14/201413:43:13Liberty Global Ends Talks to Buy U.K.'s Daisy Group -FT
02/24/201402:57:47Liberty Global, Ziggo Making Good Progress on Offer
02/14/201417:53:37Berkshire Reports New Position of 2.95 Million Shares of Liberty...
02/14/201411:44:52Correction to Thursday's Liberty Global Earnings Story
02/11/201416:24:10Charter Nominates Candidates for Time Warner Cable Board -- Update
02/11/201415:34:35Ono Will Go Ahead With IPO -- Update
02/03/201415:56:28John Malone in Preliminary Talks About Buying CVC Stake in Formula...
02/03/201404:59:09Daisy Group Signs Strategic Partner Services Pact with Virgin...
01/31/201417:27:48Liberty Global Files 8K - Entry Into Definitive Agreement
01/29/201414:21:21Spanish Cable Operator Ono Submits Preliminary IPO Prospectus...
01/27/201404:50:09Liberty Global to Buy Ziggo for $9 Billion
01/22/201409:09:32Liberty Global CEO: Says Looking to Spin Off Latin American Operations...

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