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Providence Equity Partners has sold half its stake in Kabel Deutschland (KDG) on the market. The investor reduced its stake from 43.7 per cent to 22 per cent realising about €760 million for its shares. The sale is six months after the IPO when Providence sold 17 per cent of its then controlling stake.
KDG, Germany’s largest cable operator, welcomed the sale and said it would “increase liquidity in the stock and strengthen the company’s MDAX (public market) rating”. Providence Equity Partners said there will be no further sales for a minimum of three months.
At Cable Congress last month Providence’s Equity John Hahn said KDG’s IPO had proved the markets were at least open again for cable and clearly the company has decided a gradual sell down can achieve more value than facilitating a trade sale.