LONDON, March 8 (Reuters) - German cable television firm Kabel Deutschland's initial public offering is likely to value the company at 2.5 billion euros ($3.4 billion), excluding debt, sources close to the deal said.
KDG had said on Monday that existing shareholders including private equity firm Providence aimed to raise about 700 million euros.
Its prospectus said up to 45 million secondary shares would be offered. But sources close to deal said it would be unlikely that 45 million shares, or 50 percent of KDG's share capital, would be sold.
'Providence will maintain a majority stake in KDG,' one source said.
The sources said existing shareholders were instead offering a combined 25-30 percent stake in the IPO, valuing KDG at 2-3 billion euros.
(Reporting by Daisy Ku; Editing by Alex Chambers and Dan Lalor)
($1 = 0.7307 euro) Keywords: KDG/ (daisy.ku@thomsonreuters.com; +44 207 542 5106; Reuters Messaging: daisy.ku.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
KDG had said on Monday that existing shareholders including private equity firm Providence aimed to raise about 700 million euros.
Its prospectus said up to 45 million secondary shares would be offered. But sources close to deal said it would be unlikely that 45 million shares, or 50 percent of KDG's share capital, would be sold.
'Providence will maintain a majority stake in KDG,' one source said.
The sources said existing shareholders were instead offering a combined 25-30 percent stake in the IPO, valuing KDG at 2-3 billion euros.
(Reporting by Daisy Ku; Editing by Alex Chambers and Dan Lalor)
($1 = 0.7307 euro) Keywords: KDG/ (daisy.ku@thomsonreuters.com; +44 207 542 5106; Reuters Messaging: daisy.ku.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.