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TDC Investor KKR NTC Sells $743 Million Stake in Carrier

TDC A/S private-equity shareholder KKR NTC exited its holding in Denmark’s biggest phone company, selling its stake to institutional investors.

KKR NTC sold about 90 million shares at 46.30 kroner per share, according to a company statement that didn’t name the buyers. That would value the stake at 4.17 billion kroner ($743 million).

KKR NTC has “unconditionally agreed” to sell all its shares and voting rights in TDC, the carrier said today in a statement.

TDC won’t get any proceeds from the sale, which should settle Sept. 18, KKR NTC said. The shares fell as much as 4 percent, the most since March 8, and were down 3.1 percent to 46.38 kroner at 1:02 p.m. in Copenhagen.

TDC’s private-equity owners have been paring holdings since December 2010. Apax Partners LLP, Blackstone Group LP, KKR & Co., Permira Advisers LLP and Providence Equity Partners Inc. created NTC, which acquired TDC in 2005 for $15.3 billion.

The shares to be sold represented about 11 percent of TDC, according to a statement yesterday from JPMorgan Chase & Co., which managed the deal. The shares were initially offered in a range from 46.20 kroner to the current market price.

Companies in Europe, the Middle East and Africa have sold about $65 billion in additional share sales this year, compared with $33 billion in the same period in 2012, the data show.

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