Belgian cable operator Telenet is in talks with private equity firms about staging a joint bid for KPN unit BASE, Reuters reported, citing people familiar with the process. Blackstone, Cinven, Providence, Bain and KKR are among possible partners, the people said. KPN recently received a bid for 28 percent in Base from America Movil but said the amount offered undervalued the stake. KPN could raise EUR 1.6-1.8 billion from the sale of Base, based on estimates derived from the company's EBITDA for 2012. KPN declined to comment. Telenet, controlled by Liberty Global via a 50.2 percent stake, is consulting advisory firms Lazard and Goldman Sachs on the possible bid for Base, the people said. The two banks declined to comment. If Telenet were to acquire BASE, it would be in a position to offer its new 4.4 million subscribers an all-in-one bundle including mobile calling over its own network. Currently, the company holds a mobile licence but has not built a network, and buys minutes from Mobistar so as to offer clients mobile services. Telenet parent Liberty Global could not be immediately reached for comment.
