UPDATE 2-Kabel Deutschland sets price on $1 billion IPO

* Price range set at 21.50-25.50 euros

* To offer up to 30 mln shares, 4.5 mln greenshoe option

* Providence Equity Partners to maintain majority stake

(Adds valuation, details)

FRANKFURT/LONDON, March 10 (BestGrowthStock) – Owners of Kabel
Deutschland (KDG) aim to raise as much as 765 million euros ($1
billion) after setting a price range for the planned initial
public offering for the top German cable TV operator.

The IPO would be Germany’s biggest since Hamburger Hafen und
Logistik’s $1.7 billion issue in 2007.

The company said in a statement on Wednesday that U.S.
private equity firm Providence Equity Partners and other
shareholders were planning to sell shares at between 21.50 euros
and 25.50 euros each.

They are offering 33 percent of KDG’s share capital, before
a greenshoe, confirming an earlier Reuters report that they
intended to sell a smaller stake than the 45 million of
secondary shares mentioned in KDG’s prospectus. [ID:nLDE62421G]

At the indicative price range, the deal values KDG at an
equity value of about 2 billion euros, and an enterprise value
of 5 billion euros, in the same range as the 5 billion to 5.5
billion-euro price tag offered by private equity firms in
earlier bidding rounds. [ID:nLDE61IOVZ]

The offer period will start on March 11 and end on March 19.
Trading of shares are expected to begin under ticker symbol
(KD8.DE: ) on March 22.

Bookrunners Deutsche Bank (DBKGn.DE: ), Morgan Stanley (MS.N: ) (Read more about the money market today. ),
J.P. Morgan (JPM.N: ) and UBS (UBSN.VX: ) have a greenshoe option of
up to 4.5 million shares.

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(Reporting by Nicola Leske and Daisy Ku; Editing by Rupert
Winchester)

UPDATE 2-Kabel Deutschland sets price on $1 billion IPO