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In the last two weeks, KPN has rejected a takeover bid worth around 18 billion euros from a private capital consortium, and has put pressure on bidders to raise the bid of the Dutch telecommunications group.
EQT and Stonepeak Infrastructure Partners are surrounding KPN last year and began taking on the responsibilities early last month, according to several people with direct knowledge of the conversations.
The offer was submitted, but this has been rejected by the KPN management, who is now considering whether the couple wants to increase their offer, according to a person with direct knowledge of the situation.
EQT and Stonepeak were preparing a possible offer of 3 euros per share worth 12.5 million euros. The company has a debt of 5.2 million euros, which is worth almost 18 billion euros to the company. Details of the potential offer were first reported by The Wall Street Journal.
Shares of KPN closed last week at 2.87 euros, trading at 2 euros, before announcing the new purchase.
The data shown by Refinitiv would be one of the largest purchases of private capital in Europe. Advent International and Cinven bought the elevator business from Thyssenkrupp last year € 17.2 million the agreement was the largest in years.
EQT has not commented. Stonepea and KPN did not immediately respond to requests for comment.
Joost Farwerck, CEO of KPN, said last week that a private offer should be taken to serve the interests of employees and customers and shareholders.
Farwerck noted that KPN’s investment in upgrading its telecommunications network is a sign of its intention to grow. “We will create a lot of value, maybe not immediately 12 months from now, but yes in a few years,” he said in a media call.
KPN has established a plan to expand the fiber network to 80% of the Dutch population by APG by 2026, following the creation of a joint investment with the Dutch pension fund.
Siyi He, an analyst at Citi, said in a statement that the acceleration of the fiber program over the next three years should value the KPN value at € 3.5 per share, so it seemed possible to offer at that level.
The main obstacle to the purchase could be the Dutch government and a private equity consortium would allow it to acquire critical national assets. A veteran of the Dutch telecommunications said it is an almost “impossible deal” as the bidders will have to negotiate with a government-sponsored committee, which could cancel any disappointing bid.
KPN has long been a candidate to run for office, but potential buyers have avoided political risks.
América Móvil, a Mexican telecommunications company controlled by billionaire Carlos Slim, tried to acquire KPN in 2013 for 7.2 million euros, but interventions blocked of an independent foundation associated with the telecommunications group. Slim still owns a fifth of KPN’s shares and collected 2.1 billion euros in bonds in February through a Dutch subsidiary, which could also become shares in a telecommunications company.
Stockholm’s headquarters are already active in European telecommunications EQT, owned by Delta Fiber, a small rival to KPN in the Netherlands, as well as active telecommunications in Germany and Sweden. Last month it agreed to a € 3.3 billion deal to buy FirstGroup’s US bus operations using its infrastructure fund. In the units, First Student and First Transit, there are tens of thousands of yellow school buses.
New York’s Stonepeak is based on North American agreements.
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