London, 15 December, 2005 – LAWFUEL – The Law News Network – The London office of Debevoise & Plimpton LLP represented Providence Equity Partners (Providence) in its agreement to buy-out its partners’ interests in Kabel Deutschland (KDG), Europe’s largest cable company with 9.6 million customers. The financial terms of the acquisition were not disclosed. The transaction is subject to, among other things, merger-control clearance.
Debevoise originally represented Providence when Kabel Deutschland was acquired by pax Partners, Goldman Sachs Capital Partners and Providence from Deutsche Telekom in March 2003 for €1.7 billion. Under its new owners, Kabel Deutschland embarked on the roll-out of new digital services, including the triple-play of TV, telephony and high-speed internet access. Providence has committed to further support the roll-out of new services. Kabel Deutschland is investing €500 million over the next three years in taking the triple-play to 90% of its 15.3 million homes passed in Germany.
The Debevoise team was led by corporate partner Geoffrey Burgess and tax partner Peter Schuur. The corporate team included associates Wendy Semel and Hugo Canwell in London, and partner Thomas Schuerrle and associate Ken Mueller-Tautphaeus in Frankfurt. The tax team included associate Cecile Beurrier in London and tax partner Friedrich Hey in Frankfurt.
Providence was also advised by Simpson Thacher. The sellers were represented by Milbank Tweed.