EQT has signed an agreement with funds advised by Blackstone and CDPQ to acquire 100 % of German Kabel Baden-Württemberg GmbH & Co (“Kabel BW”), Germany’s first large triple-play provider, offering television, broadband Internet and telephony services. EQT intends to continue supporting Kabel BW’s expansion and move into triple play.
“We are committed to continue supporting Kabel BW's strategy and invest in growth, new technology and a strengthened market leadership”, said Marcus Brennecke, Managing Partner of EQT Equity in Germany. “At EQT, we are very pleased that we were chosen as the new owner of Kabel BW and we will do our utmost to assist the company to prosper and become even more successful in the future.”
Kabel BW was the first large scale operator to introduce digital cable television, broadband internet and telephony services (“triple play”) on one single platform and has since then continued to upgrade its network for triple-play. Today Kabel BW has more than 2.3 million subscribers, making it one of the largest cable operators in Germany and Europe. Customers can get more than 80 analogue and more than 400 digital channels (including HDTV), high speed internet as fast as 20 Mbps, and a variety of innovative IP services like voice over internet. In the financial year ended December 2005, Kabel BW generated revenues of EUR 246m.
EQT, with a strong track record of fostering growth and value creation in the 41 companies that it has invested in over the last 11 years, has previously developed Stjärn TV and Com Hem, today leading Swedish triple-play providers.
Lawrence H. Guffey of Blackstone, on behalf of Kabel BW’s Advisory Board, commented: “We have had an outstanding association with the Company, and we wish EQT continued success as new owners. On behalf of the Board, I would like to thank Kabel BW’s employees and management team, led by Georg Hofer, for their dedication and outstanding track record of growth and accomplishment”.
The acquisition is subject to approval from relevant competition authorities.
Marcus Brennecke, Managing Partner, EQT Germany, +49 89 25 54 99 0
Johan Hähnel, Director Communications & PR, +46 8 506 55 322, firstname.lastname@example.org