Kabel Deutschland plans $1 billion IPO

Germany's largest cable TV group, Kabel Deutschland hopes to raise $1 billion through an initial public offering of 45 million shares. Kabel, which serves more than 9 million subscribers in 13 of Germany's 16 federal states, said it expects existing shareholders to offer between 20 percent and 30 percent of the company's shares, giving it an equity value between $2.7 billion and $4 billion. U.S. private equity firm Providence Equity Partners, which holds an 88 percent stake of the company, will maintain a majority stake in the new public firm.

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