Add-on Acquisition • Media

Liberty Global Acquires Kabel Baden-Wurttemberg

On March 21, 2011, Liberty Global acquired media company Kabel Baden-Wurttemberg from EQT for 3.6B EUR

Acquisition Context
  • This is Liberty Global’s 2nd transaction in the Media sector.
  • This is Liberty Global’s 2nd largest (disclosed) transaction.
  • This is Liberty Global’s 3rd transaction in Germany.

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M&A Deal Summary

Date March 21, 2011
Target Kabel Baden-Wurttemberg
Sector Media
Buyer(s) Liberty Global
Sellers(s) EQT
Deal Type Add-on Acquisition
Deal Value 3.6B EUR

Target Company

Kabel Baden-Wurttemberg

Heidelberg, Germany
Kabel BW is the third largest German cable network operator with market leadership in the Baden-Wurttemberg region. Kabel BW was the first large scale operator to introduce digital cable television, broadband internet and telephony services (?triple play?) on one single platform and has since then continued to upgrade its network for triple-play. Today Kabel BW has more than 2.4 million subscribers, making it one of the largest cable operators in Germany and Europe.
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Buyer Overview 1

Buyer

Liberty Global

London, United Kingdom

Category Company
Founded 2004
Sector Communications
Employees6,820
Revenue 4.3B USD (2024)
DESCRIPTION
Liberty Global's office in downtown Denver, Colorado.
Liberty Global's office in downtown Denver, Colorado.

Liberty Global is an international telecommunications and television company that delivers next-generation products through advanced fibre and 5G networks that connect 85 million subscribers across Europe and the United Kingdom. Liberty Global was founded in 2004 and is based in London, United Kingdom.


Deal Context for Buyer #
Overall 7 of 20
Sector: Media 2 of 6
Type: Add-on Acquisition 6 of 13
Country: Germany 3 of 4
Year: 2011 2 of 2
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-21 Kabel BW

Cologne, Germany

Kabel BW GmbH is a provider of television, broadband internet and telephony services in the German federal state of BadenWürttemberg, which is one of the most prosperous regions in Europe. As of September 30, 2011, KBW’s broadband communications network served 2.4 million customers who subscribed to 3.8 million video, telephony and broadband internet services.

Buy €3.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-28 Chellomedia BV

Schiphol-Rijk, Netherlands

Chellomedia is a European media company. Operating businesses include Chello Central Europe, Chello Latin America, Chello Multicanal, Chello Zone, the ad sales unit Atmedia and the broadcast solutions unit Chello DMC.

Sell $1.0B

Seller Profile 1

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Deal Context for Seller #
Overall 40 of 194
Sector: Media 2 of 4
Type: Add-on Acquisition 19 of 76
Country: Germany 8 of 34
Year: 2011 1 of 5
Size (of disclosed) 2 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-16 Gala Television Group

Taipei, Taiwan

Gala TV (“GTV”) is one of the leading TV channel operators in Taiwan, broadcasting a mixture of in-house produced, commissioned and acquired content over the cable TV network. Through the years, GTV has produced and accumulated a library of many popular Chinese language TV programs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-20 Restaurant Technologies

Mendota Heights, Minnesota, United States

Restaurant Technologies is a foodservice industry partner, serving more than 32,000 quick-service and full-service restaurant chains, independent restaurants, grocery delis, hotels, casinos, universities, and hospitals nationwide. The company helps make foodservice operations safer, smarter, and more efficient through cooking oil and hood and flue management solutions. It has a long history of sustainability, working with partners to provide used cooking oil as input into renewable diesel and biodiesel, creating an ESG-friendly process of recycled used cooking oil for its customers. Restaurant Technologies was formed in 1996 and is based in Mendota Heights, Minnesota.

Buy -

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