Carlyle Group swoops for Telecable
Ińaki Ferreras ©RapidTVNews | 20-10-2011 The investment fund Carlyle Group is buy 85% of Spanish cable TV operator Telecable together in a deal valued at €400 million.
The transaction will see a reduction in the stake holding of Telecable’s existing main shareholders Editorial Prensa Ibérica and financial company Liberbank with the latte’s holding falling from 91.89% to 15%, reportedly giving the financial firm a cash injection of over €300 million.
Telecable was founded back in 1995 and it operates in the Northern Spanish province of Asturias. The operator has more than 156,000 subscribers, and generated a business volume of €121 million in 2010, 14% more than in the previous year. Carlyle Europe Partners fund was launched in 2006 and it controls some €5.300 billion. Goldman Sachs and Société Générale acted as Liberbank’s financial advisers.
Through this operation Telecable now becomes the fourth company in Spain in which Carlyle has taken a major position.