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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
04/26/201617:30:00Liberty Global Schedules Investor Call for First Quarter Results
04/20/201612:30:00Liberty Global Receives Shareholder Approval for Acquisition...
04/12/201617:00:00Liberty Global to Hold General Meeting of Shareholders in Connection...
03/22/201609:26:00BT Must Improve Business Services: Regulator -- Update
03/14/201616:44:00Liberty Global Announces Definitive Proxy Statement Regarding...
03/02/201616:30:00Liberty Global to Present at the Deutsche Bank 24th Annual Media...
03/02/201608:38:00ITV Profit Rises; Pays Special Dividend -- Update
02/24/201616:01:00Liberty Global to Present at the Morgan Stanley Technology, Media...
02/22/201609:07:00Vodafone, Liberty Dutch Deal Positive, Moody's Say
02/16/201605:33:00Vodafone CEO: Liberty Deal Not "Blueprint" for Other Markets
02/15/201622:40:00Liberty Global Plans Netherlands Joint Venture With Vodafone
02/15/201619:10:00Liberty Global Reports Fiscal 2015 Results
02/15/201619:00:00Liberty Global and Vodafone to Merge Their Dutch Operations
02/11/201617:30:00Liberty Global Schedules Investor Call for 2015 Results
02/11/201607:44:00Cable & Wireless Reports Growth in 3Q Earnings
02/08/201616:10:00Google CEO Gets Equity Award of $199 Million
02/08/201605:46:00BT Searches for Finance Chief Successor -- Update
02/05/201612:50:00EU Sets Out Objections to Hutchison's Telefó nica U.K. Deal
02/04/201607:20:00EU Clears Liberty Global Acquisition
02/04/201606:27:00EU Clears Liberty Global EUR1.3 Billion Acquisition of Mobile-phone...

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