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European BC Partners to buy Deutsche Bank's Cable TV business30/04/2003. Source: AltAssets. 
 The European buy-out house BC Partners has beaten rival firms Apollo Advisors and Apax Partners in the final stages of bidding for Deutsche Bank's German cable TV business Telecolumbus. The private equity firm led a consortium including GMT Partners and Veronis Suhler to seal the E510m deal.
‘We like the stable and defensive model of the business,' Raymond Svider, a partner at BC Partners, said in a statement to Bloomberg.
HypoVereinsbank, ABN Amro and Royal Bank of Scotland are to provide debt facilities to fund the buy-out. The deal is subject to approval from the German Cartel office, which blocked a previous transaction to sell Telecolumbus last year.
The deal is part of a growing trend for major European investment banks to scale back exposure to private equity in response to turbulent global markets. Deutsche Bank has raised in the region of $8.5bn through asset sales since Josef Ackermann became chief executive last year.
It recently sold off its portfolio of late-stage direct investments to its management team in the form of a new vehicle called MidOcean Partners. The deal was valued at around E1.5bn and was financed by a handful of specialist secondary firms and primary fund investors.
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