Reuters: Regulatory News: Kabel Deutschland wins bid for Tele Columbus -paper

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Kabel Deutschland wins bid for Tele Columbus -paper May 14th 2012, 06:12 FRANKFURT | Mon May 14, 2012 2:12am EDT FRANKFURT May 14 (Reuters) - Kabel Deutschland has won the race for regional German cable company Tele Columbus, outbidding Deutsche Telekom and Liberty Global, Financial Times Deutschland reported, without specifying its sources. Kabel Deutschland, Germany's largest cable company, will likely have to make concessions to competition authorities, the paper reported on Monday, citing an industry source. Kabel Deutschland declined to comment. Tele Columbus's owners, comprising funds including York Capital and Golden Tree Asset Management, which took over after the company defaulted in 2010, have mandated Rothschild to organise the sale and had agreed not to sell for less than 600 million euros. The German cable market was once one of Europe's most fragmented, with a proliferation of smaller regional players offering television and broadband services. Tele Columbus was formerly owned by investor Scott Lanphere's Escaline group and in 2008 almost collapsed under a roughly 1-billion-euro ($1.3 billion) debt load, which Lanphere had dumped on Tele Columbus while building a cable empire that included German cable group EWT and a majority in rival Primacom. In the restructuring, roughly 100 creditors agreed to swap part of the debt for equity, pushing out Lanphere. Aligning the interests of the large number of owners is one of the tasks the advisers need to tackle, a person close to the transaction has told Reuters. Link this Share this Digg this Email Reprints

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