The private equity firm EQT is considering a takeover of Dutch operator KPN, in what would be its largest-ever acquisition, people with knowledge of the matter told Bloomberg. EQT is in the early stages of discussing the feasibility of a deal with potential advisers. The company is already present on the Dutch market through the operator Delta Fiber.
KPN is valued at around EUR 9.4 billion on the stock market, or EUR 16 billion including its debt. Its share price has fallen around 15 percent since the start of the year as the company struggles to turn around a depressed sales performance and stop a loss in customers.
Last year Brookfield was reported to be looking at a bid for the Dutch company. Since then the Dutch government has passed legislation to help protect telecom operators from risky takeovers. KPN also has a foundation in place to guard against unsolicited bids, which previously helped the group fight off a takeover attempt by America Movil.
No final decisions have been made, and there’s no certainty that EQT’s deliberations will lead to an offer, the report said.
EQT is already the owner of Delta Fiber Netherlands, the second-largest FTTH operator in the Netherlands after KPN. It owns the operators Delta, Caiway and Cbizz and is actively expanding its network across the country. EQT also has investments in other telecom operators around Europe, such as Deutsche Glasfaser, Melita in Malta and GlobalConnect in Scandinavia.
