Candover sells Norwegian cable TV operator GET for NOK 5.8 bln

Candover, a leading European buyout specialist, announced the NOK 5.8 bln (EUR 745 mln) sale of GET, the Norwegian cable TV operator, to a syndicate of investors led by Quadrangle Capital Partners and GS Capital Partners.

GET was the first investment to be made by the Candover 2005 Fund, and the sale will be the Fund’s first exit. The Candover 2005 Fund also announced its eighth investment this week, the buyout of Alma Consulting, the European leader in cost reduction and tax recovery services.

GET is a leading cable company in Norway serving 370,000 homes in Oslo and the major cities in the south. The company offers triple play combining television, telephony and high speed broadband internet.

Candover and the management of GET acquired the business from Liberty Global in a NOK 3.6 bln (EUR 445 mln) transaction in January 2006. The sale will represent a return to the 2005 Fund of approximately 2.2x its original investment, generating an IRR of c. 50%. Candover has retained an ownership stake in GET.

The sale of GET results in an uplift of GBP 9.2 mln compared to the June 30, 2007 valuation of GBP 12.7 mln, equivalent to an increase of 42p per share (unaudited) in the net asset value of Candover Investments plc at that date.

Candover is a leading provider of private equity for large European buyouts. Founded in 1980, Candover has invested in 134 transactions with a value of over EUR 40 bln.