France Telecom has signed an agreement with investment funds, Charterhouse and CDC IXIS Equity Capital and the financial group Caisse des Dépôts et Consignations under the terms of which an entity controlled by the three parties will acquire the TDF group. France Telecom will divest its entire stake in TDF group to the new entity.
The transaction values TDF at 1.856 billion euros.
Upon completion of the transaction, the ownership structure of this holding company will be as follows:
- 45 percent for Charterhouse and CDC IXIS Equity Capital
- 36 percent for France Telecom
- 19 percent for Caisse des Dépôts et Consignations
TDF, which was 100% owned by France Telecom, provides broadcast services for radio and TV channels, as well as services for wireless telephone operators. From its portfolio of almost 5,000 masts and towers, TDF broadcasts some 14,300 TV frequencies, 4,100 FM frequencies as well as hosting 7,000 mobile telecom transmission points. TDF has also agreed to acquire a substantial portfolio of telecom towers from Bouygues Telecom.
Through its Video Services subsidiary, TDF is also involved in production, post-production and studio facilities for TV programming. Outside France, TDF has operations in Finland, through its 49% stake in Digita, Finland' s largest broadcasting network, and in Spain, where its interests are held by Medialatina, a wholly-owned subsidiary. TDF had consolidated revenues in 2001 of 783 million euros.