BERLIN — Germany’s Deutsche Bank has sold its cable unit Tele Columbus to British investment group BC Partners for b510 million ($570 million) as it continues to concentrate on its core business.
Tele Columbus is one of Germany’s level four cable providers, which unlike the major cable companies, also control the end connections directly to consumer households. This makes it instrumental in the overhaul and upgrades of Germany’s aging cable systems.
Deutsche Bank paid $700 million in 1999 for the cabler, which has 2.4 million customers nationwide. Deal remains subject to federal antitrust approval.
BC Partners is a leading investor specializing in the acquisition and development of European businesses in partnership with management.
Company had been competing for Tele Columbus with fellow investment group Apollo Management, which already owns a German regional cable provider, Iesy, in the state of Hesse.
In January a consortium headed by Goldman Sachs Capital Partners picked up Deutsche Telekom’s six regional cable franchises for $2.3 billion.