Macquarie Infrastructure and Real Assets, PFA, ATP and PKA DKr40.8 billion acquisition of TDC

Overview:

• A consortium consisting of Australian infrastructure group Macquarie Infrastructure and Real Assets (MIRA) and Danish pension funds PFA, PKA and ATP has made a DKr40.8 billion offer, through subsidiary DK Telekommunikation, for Danish telecoms group TDC.
• The offer of DKr50.25 per share represents a 34.1% premium on the closing price of the shares on the day before the offer.
• The indirect ownership of DK Telekommunikation will be split as follows: PFA (c. 16.7%), PKA (c. 16.7%), ATP (c. 16.7%) and MIRA (50%).
• Barclays Bank and Nordea Danmark serve as financial advisers.
• Deutsche Bank, HSBC and BNP Paribas have acted as lead arrangers on the acquisition financing.
• The financing consists of a €3.9 billion senior loan and a €1.4 billion high yield notes.

Jon Moore - Journalist