Nov. 23 (Bloomberg) -- Blackstone Group LP, KKR & Co., Permira Advisers LLP and two buyout firms that took control of Denmark’s TDC A/S in Europe’s biggest leveraged buyout at the time are evaluating options for their stake.

The owners will conduct a “strategic review” of their 88 percent stake in Denmark’s largest telephone company, London- based Permira said today in an e-mail.

Nordic Telephone Co., set up by KKR, Blackstone, Permira, Apax Partners LLP, and Providence Equity Partners Inc., bought TDC in 2006 with about $3 billion of cash and about $12 billion of debt. TDC has since reduced its debt by half, cut jobs and sold assets, including its stake in Polish mobile-phone services provider Polkomtel SA and its Hungarian phone and cable unit.

“The strategic review will consider the full range of options for NTC’s stake in TDC,” Chris Davison, a London-based NTC spokesman, said by telephone. The owners will “soon” hire advisers for the review, which will take “some time” to complete, he said, declining to provide further details.

Copenhagen-based TDC said today in a statement it wouldn’t comment on the review.

About 12 percent of TDC’s shares still trade on the Copenhagen Stock Exchange after Danish pension fund ATP, owner of more than 5 percent, rejected NTC’s takeover offer.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

Last Updated: November 23, 2009 12:27 EST