Company's 2.4 million customers sought
BERLIN — Germany’s Deutsche Bank is expected to finalize the sale of its cable unit Tele Columbus to one of the two remaining bidders by the end of the month.
Investment groups BC Partners and Apollo Management have both bid around $550 million for the cabler, which has 2.4 million customers nationwide. Deutsche Bank bought Tele Columbus in 1999 for $700 million.
If successful in its bid, Apollo is expected to merge Tele Columbus with its other German cable unit, Iesy, a regional provider in the state of Hesse and a former subsidiary of telco giant Deutsche Telekom.
Deutsche Bank came close to selling Tele Columbus to John Malone’s Liberty Media in 2002 but the deal fell through after Liberty was blocked by German regulators from taking over six other regional cable franchises from Deutsche Telekom.