Simpson Thacher is representing Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in connection with its acquisition of Versatel AG.
VictorianFibre Holding GmbH, a holding company controlled by funds advised by KKR, has announced its intention to make a voluntary public takeover offer for Versatel AG, one of the leading providers of telecommunications services in Germany. KKR has entered into a binding agreement with the three main shareholders of Versatel, Vienna II S.à r.l., a company advised by Apax Partners LLP, Cyrte Investments BV and United Internet AG, to sell their shareholdings, together representing approximately 92 % of the total issued and outstanding shares of Versatel. KKR has further secured 5% of the share capital from other shareholders. Following the completion of the public offer, KKR intends to initiate a squeeze-out process in order to take the company private.
Versatel AG is Germany’s second largest fiber network operator with a countrywide network of 45,000 kilometers and an independent infrastructure in 32 of the largest 50 cities throughout Germany. It is a major provider of internet, data and speech services via DSL to private homes, commercial users and wholesale customers.
The Simpson Thacher team includes: Tom Lloyd (Finance), Greg Conway, Ken Barry and Anais Fritz (M&A), Meredith Jones (Tax) and David Vann and Étienne Renaudeau (Antitrust).