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exits unquote DENMARK PARTIAL EXIT TDC A/S DKK 65bn Location Copenhagen Sector Telecoms equipment Founded 1990 Turnover: DKK 35.9bn EBITDA DKK 13.4bn Staff 10,000 Partial sale values TDC at DKK 65bn Transaction A consortium consisting of Apax Partners, Blackstone Group, Kohlberg Kravis Roberts (KKR), Permira and Providence Equity Partners has partially exited TDC A/S through a share buyback and public offering. The public offering was set at DKK 51 per share, which gave the Danish telecoms operator a market capitalisation of DKK 41.5bn. Including net debt of approximately DKK 23.33bn at the end of Q3 2010, TDC has an enterprise value of just under DKK 65bn. The offer consisted of 210 million shares and an over-allotment option of 31.5 million shares that, if fully exercised, would raise DKK 12.3bn for the consortium. TDC’s buyback of approximately 176.5 million shares nets the consortium an additional DKK 9bn. The consortium, which owned an 87.9% stake in the company, own 55.4% after the transaction, if the over-allotment option is fully exercised, meaning that the free float has increased to 44.6%. The remaining shares held by the consortium are subject to a lock up period of 180 days. It has not been disclosed whether the investors are looking to sell down additional shares after this period. Previous funding Apax Partners, Blackstone Group, Kohlberg Kravis Roberts, Permira and Providence Equity Partners acquired an 87.9% stake in the company in 2006. The investors did not fully squeeze out the other shareholders meaning that TDC remained listed on NASDAQ OMX Copenhagen. Since acquiring the company the investors have supported a reorganisation of its operations. The disposal of Swiss subsidiary Sunrise Communications in September was seen as preparation for the public offering. Company Headquartered in Copenhagen, TDC was established by the Danish state in 1990 as a parent company of four Danish telecommunications businesses. TDC offers a number of different business lines including TDC Solutions, TDC Mobile International, TDC Cable TV and TDC Services. At the end of 2009, TDC had approximately 10,000 full-time employees. TDC generated revenue of DKK 35.9bn and EBITDA of DKK 13.4bn in 2009. People Kurt Björklund of Permira, Richard Wilson of Apax Partners and Gustavo Schwed of Providence Equity Partners managed the investment in TDC for their respective investors. Advisers Equity – JP Morgan Securities, Morgan Stanley, SEB Enskilda (Joint global coordinators and joint bookrunners); Deutsche Bank AG, UBS Limited (Joint bookrunners); Credit Suisse Securities, Danske Bank, Goldman Sachs International, HSBC Bank, and Nomura International (Joint lead managers); SEB Enskilda, Danske Bank (Nordic retail bookrunners); BNP Paribas, Carnegie Bank (Co-lead managers). 32 UNQUOTE JANUARY 11 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/nordics
unquote Consortium lists Zealand Pharma Transaction A consortium consisting of Sunstone Capital, CDC Innovation Funds, IDInvest Partners, and Life Science Partners, among others, have listed biopharmaceutical company Zealand Pharma A/S, raising net proceeds of DKK 320.6m for the company. The company floated on the NASDAQ OMX Copenhagen on 23 November. Approximately 4.4 million new shares were offered at DKK 86, representing a free float of 19.7% excluding the overallotment option. The IPO gives the company a market capitalisation of approximately DKK 1.9bn. exits IPO Zealand Pharma A/S DKK 1.9bn Location Glostrup Sector Pharmaceuticals Founded 1998 Turnover DKK 25.32m EBIT –DKK 76.35m Staff 70 The investors participated in the offering and the shares held are subject to a lock up period of 360 days after the closing. Sunstone reported that they have not reached a decision whether to sell after this period. The proceeds raised from the IPO will be used to further develop the company’s products. Previous funding The initial investment was made in 1999 while Sunstone Capital became involved with the company after taking over the shares of another investor in 2005. Zealand Pharma’s latest funding round took place in 2006. Funding has supported the development of the company’s peptide drugs, with two phase III products and a number of phase I products being developed. The investors have also worked on licensing with larger companies across Europe. Company Zealand Pharma is based in Glostrup, near Copenhagen, and is a researcher and developer of peptide drugs. The company aims to bring the drugs to the market in a rapid and efficient way. Founded in 1998 the company today employs 70 people. In 2009 the company generated revenue of DKK 25.32m and reported losses of DKK 76.35m before tax. People Peter Benson worked on the deal for Sunstone Capital. Advisers Vendor – Danske Markets (Joint global coordinator and bookrunner); Jefferies International Limited (Joint global coordinator and bookrunner); Bryan Garnier & Co (Co-lead manager); SEB Enskilda (Co-lead manager). portfolio management Semantix INK Norge Litorina’s portfolio company Semantix has acquired Norwegian translation service provider INK Norge. The acquisition was financed internally by Semantix with no additional funding from Litorina. The deal follows Semantix’s acquisition of Tamarind earlier in the year. Translating agency INK Norge was founded in 1987 and has Swedish and global clients that require high-quality translation services. In addition to the translation services, INK provides writing and language consulting services. The Semantix group, which was founded in 1969, has approximately 170 employees and a turnover of more than SEK 300m. With the acquisition of INK, Semantix will double its revenues in Norway. Litorina acquired Semantix from Accent Equity in December 2009. Factors such as globalisation and the expansion of the EU to the east are expected to support growth in the company. ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE JANUARY 11 33 www.unquote.com/nordics
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