Goldman, Quadrangle Said to Prepare Sale of Norway’s GETKiel Porter and Aaron Kirchfeld
Get AS, Norway’s second-largest cable operator, is being put up for sale by its private-equity owners and may fetch as much as 7.7 billion kroner ($1.3 billion), according to two people familiar with the matter.
Goldman Sachs Group Inc.’s buyout unit, GS Capital Partners, and Quadrangle Capital Partners, which bought Get AS in 2007 for 5.8 billion kroner, are sounding out buyers about a sale process or potential initial public offering expected to start this year, said the people, who asked not to be identified because the deliberations are confidential.
Get AS, which competes with larger Telenor ASA’s Canal Digital unit, is the latest cable company to join a flurry of mergers and acquisitions as demand for bundled broadband, pay-TV and wireless services increases. Vodafone Group Plc this month agreed to buy Spain’s Grupo Corporativo Ono SA for 7.2 billion euros ($10 billion) including debt. Cable tycoon Patrick Drahi’s Numericable SA is competing with Bouygues SA to combine with Vivendi SA’s French mobile-phone unit SFR.
A London-based spokeswoman for Goldman Sachs declined to comment, while representatives for Quadrangle and Oslo-based Get didn’t respond to e-mails requests seeking comment.
Goldman Sachs and Quadrangle haven’t made a final decision on the sale and could decide to retain the business, one of the people said. Get, which offers TV and broadband-Internet access, has about 1 million customers in Norway, according to its website.
Private-equity firms typically pool money from pension plans and insurance companies. They usually charge a management fee of as much as 2 percent and keep 20 percent of the profits from investments.