Providence Sells €760M Kabel Stake

Providence Equity has raised €760 million from the sale of its stake in German cable operator, Kabel Deutschland.

Providence Equity has raised €760 million from the sale of its stake in German cable operator, Kabel Deutschland, AltAssets reports. Cable Holding backed by Providence Equity placed 20 million shares through Goldman Sachs.

Luxembourg-based Cable Holding, which previously owned 43.7% of the company, will now be left with a 22% stake. Providence Equity has also agreed to keep its stake in Kabel Deutschland for another three months period, adds Reuters.

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