PRINT THIS PAGE Permira buys Swisscom unit in E690m deal30/04/2004. Source: AltAssets. 
 European private equity firm, Permira, has agreed to acquire a 95 per cent stake in German mobile phone firm debitel from Swisscom for E640m. The firm is offering to buy the remaining five percent of debitel in a public tender, adding as much as E50m to the deal value.
The public tender offer represents a premium to both the three-month average share price of debitel, which stands at E10.12, and to the price Permira paid Swisscom, which was equivalent to around E7.6.
Permira Partner Uwe Kolb said: 'We are excited about the opportunities at debitel. The group benefits from a substantial customer base, a strong strategic direction and the prospect of growth driven by the market position of debitel.'
Swisscom will raise E430m from the sale after granting Permira a vendor loan of E210m that has a maturity of seven to eight years.
The deal is Permira's second this year, following its public-to-private acquisition of clothing retailer New Look in conjunction with Apax. It is currently looking to take private ailing UK retailer WH Smith for almost £1bn.
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