BC Partners will buy Phones 4U from Providence Equity Partners for about £600-700 million, Financial Times reports. The final purchase price will be determined after the result of a high yield bond issue by BC Partners, which will be used to finance the debt portion of the buyout.
In 2006, Providence acquired Phones 4U for £1.46 billion from John Caudwell. BC Partners was advised by Global Leisure Partners and Goldman Sachs. Providence was advised by Deutsche Bank, adds Bloomberg.
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