Providence sells more Kabel Deutschland shares
J?rn Krieger ?RapidTVNews | 01-10-2010
Financial investor Providence Equity Partners has placed 15 million shares in Kabel Deutschland (KDG) to institutional investors. With the move, 49.5 million shares representing 55% of the company?s total 90 million shares are now in free float.
Providence, through its Luxembourg-based subsidiary Cable Holding, continues to be the main shareholder with a 45 per cent stake in the share capital of Germany?s largest cable operator.
It was expected in the industry that Providence would dispose of more shares following the cable operator?s successful floatation on the Frankfurt stock exchange in March. ?The market would certainly welcome this,? KDG?s CEO Adrian von Hammerstein said in September.
KDG raised ?760 million through its IPO, marking the largest stock market floatation in Germany this year. The lock-up period by Providence, which issued 38% of the capital during the IPO, ended on 22 September, six months after the floatation, thereby paving the way for the US-based company to throw more shares into the market.
J?rn Krieger ?RapidTVNews | 01-10-2010
Financial investor Providence Equity Partners has placed 15 million shares in Kabel Deutschland (KDG) to institutional investors. With the move, 49.5 million shares representing 55% of the company?s total 90 million shares are now in free float.
Providence, through its Luxembourg-based subsidiary Cable Holding, continues to be the main shareholder with a 45 per cent stake in the share capital of Germany?s largest cable operator.
It was expected in the industry that Providence would dispose of more shares following the cable operator?s successful floatation on the Frankfurt stock exchange in March. ?The market would certainly welcome this,? KDG?s CEO Adrian von Hammerstein said in September.
KDG raised ?760 million through its IPO, marking the largest stock market floatation in Germany this year. The lock-up period by Providence, which issued 38% of the capital during the IPO, ended on 22 September, six months after the floatation, thereby paving the way for the US-based company to throw more shares into the market.