TDC creates Scandinavia's leading cable-TV-company
Danish TDC Group is acquiring Get AS, Norway's leading provider of premium TV and broadband, to create Scandinavia's largest cable-TV-company in terms of revenue. With 1.7 million connected homes and a revenue of DKK 7 bn from the cable business the TDC Group will become the leading communication and home entertainment company in the region.
The acquisition of Get is TDC Group's most significant investment in many years. We have awaited this opportunity and see it as a natural and timely extension of our business and it marks an evolution of TDC Group into a leading Scandinavian provider of TV, home entertainment and high speed broadband on the cable platform. It is also a strategic move into the consumer market in Norway within an industry we know very well from having run our YouSee cable business in Denmark successfully for years, says Carsten Dilling, President and CEO.
Get serves more than 500,000 households and is the fastest growing and most profitable provider on the Norwegian market.
By the acquisition of Get, the cable business of TDC Group will increase to a total of 1.7 million connected households, up from the present 1.2 million in the YouSee brand. A total of 29 per cent of TDC Group's revenue (2013 figures) will derive from the cable business and this share is expected to grow.
Get is a well-run business with world class, innovative products. It operates in an attractive market with large growth potential. This growth is underpinned by the very strong economy in Norway. With 2005 as the only exception Get has had two-digit growth rates since 2000 and is today among the most profitable on a European scale. The acquisition strengthens our cable TV business on a Nordic level as well as ensures a very strong presence on both the business and the consumer market in Norway for TDC Group , says Carsten Dilling.
Carsten Dilling further asserts that TDC Norway and Get are an excellent match, both from a technical infrastructure perspective and also with respect to the commercial approach each management team brings to the business.
TDC Norway owns a fibre based transmission network and focuses on large scale business customers. Get owns a widely distributed cable-TV network that combined with partner networks passes more than 0.7 million households and Get primarily focuses on consumers and small and midsize business customers.
TDC Group and Get fit very well together. Get and YouSee can commercially benefit from sharing best practices and collaborate within product development, innovation and content. On a more technical level, we can reap several synergies by combining our networks in a complete Norwegian infrastructure based on fibre and coaxial cables. On the business to business market, we will over time be able to offer the same broad product portfolio as TDC Group in Denmark, says Carsten Dilling.
Get's CEO since 2000, Gunnar Evensen, continues in his position after closing of the transaction. When completed he will lead the effort of designing the combined TDC and Get organization to ensure optimal synergy realization.
TDC Norway and Get are a strong match and we are enthusiastic with all the new possibilities. We look forward to continue to develop the best and most user friendly products to our customers and together continue our expansion in the business market. With TDC as part of the team we will become an even stronger company which will strengthen our position on the Norwegian market, says Gunnar Evensen.
TDC Group will buy Get from GS Capital Partners and Quadrangle Capital Partners at a price of NOK 13,8 bn (DKK 12,5 bn). The acquisition will be debt financed and TDC will simultaneously adjust its dividend payout ratio to around 60% of Equity Free Cash Flow which means that it will now expect a dividend payout at DKK 2.50 per share for 2014, whereas it has previously expected a dividend at DKK 3.70.
The acquisition is subject only to competition approval from the Norwegian competition authorities and it is expected to close in Q4 2014.
J.P. Morgan acted as financial advisor and Kromann Reumert acted as legal advisor to TDC Group on the acquisition.
Facts about Get
Get is the second largest cable-TV provider in Norway with a turnover of NOK 2.4 bn and a profit before tax, interest and amortisation (EBITDA) of NOK 1.1 bn (2013). The company's head office is located in Oslo and it has 840 employees. TDC Norway today has 180 employees.
Get's largest business area is cable-TV and high speed broadband and the company connects 500,000 households and business customers including a large number of local antenna and housing associations.
In recent years Get has won a number of best-in-test prices for user friendliness, innovative products and good customer service.
The company owns and operates a large hybrid network (fibre and coax) in the urban areas in Norway. App. 0.7 million households and businesses including the 500,000 already connected customers are passed by Get and partner's infrastructure.
According to Post og teletilsynet, Get had the strongest growth within both broadband and TV among all providers in 2013.
Get's customers have access to a high speed network with broadband products up to 200 Mbps. In 2013, Get successfully tested 1 Gbps in its hybrid network.
Get's customers can watch TV on all platforms, where they want and when they want, and they can remotely control recordings on their boxes with a Get app. They have access to Norway's leading digital TV store and 150 of the most popular Norwegian and international TV channels. The service also includes a video on demand store with more than 6,000 rental movies.
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TDC creates Scandinavia's leading cable-TV-company
