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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
05/21/201514:39:41Liberty Global Files 8K - Regulation FD
05/20/201519:00:00Liberty Global Announces Distribution of LiLAC Tracking Stock...
05/20/201515:32:25Liberty Global Files 8K - Regulation FD
05/15/201519:55:34Third Point Sells Entire $1 Billion Stake in Alibaba
05/13/201517:46:09Liberty Global Files 8K - Direct Or Off-Balance Sheet Financial...
05/07/201518:54:42Liberty Global's Customer Growth Slows, Loss Widens
05/07/201517:10:00Liberty Global Reports First Quarter 2015 Results
05/01/201506:59:20Liberty Global Files 8K - Regulation FD
04/30/201518:00:00Liberty Global Schedules Investor Call for First Quarter Results
04/29/201517:52:04Liberty Global Files 8K - Direct Or Off-Balance Sheet Financial...
04/23/201520:37:46Busted Deal a Black Eye for Comcast CEO Brian Roberts
04/21/201503:20:09Sky's Earnings Climb on Subscriber Growth
04/21/201503:01:41Sky's Earnings Climb on Subscriber Growth in U.K., Germany
04/20/201517:42:46Liberty Global Confirms Telenet to Buy BASE for $1.4 Billion
04/20/201509:33:06Liberty Global Files 8K - Regulation FD
04/09/201513:35:33Chevron CEO Watson Paid $26 Million in 2014
04/06/201516:58:45Liberty Global Files 8K - Direct Or Off-Balance Sheet Financial...
04/02/201507:22:51Intel CEO Krzanich's Compensation Rises 17% to $11.2 Million...
04/02/201506:34:32Liberty Global Files 8K - Regulation FD
03/31/201520:09:24A Sweet New Job for Comcast CFO Michael Angelakis

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