2 billion in 2010 against 954 million in 2005

The event ran. While the investment fund Charterhouse, holder of 55 of the capital of TDF, thought open auction proceedings next week for the transfer of scattering operator, two consortia of funds PAI associated with Goldman Sachs and Texas Pacific group associated with AXA Private Equity have outstripped the appeal by pre-emptive bid. According to the "Financial Times" are finally Texas Pacific Group and AXA PE who took the case and have entered into exclusive negotiations. The transaction remains subject to the approval of the social organs of TDF.

Specifically, GPT and AXA EP come to the capital to respectively 42 and 18 on the basis of a valuation of 4.85 billion euros, according to our information, or 10.9 times the gross EUR 438 million operating surplus expected for 2006. Charterhouse had required a minimum price of EUR 4.75 billion.

But Charterhouse and CDC business remain capital in keeping 14 and 21 respectively. They are a beautiful operation. Indeed, they purchased the capital of TDF to France Telecom in two times (in 2002 and 2004) for a total amount of 1.99 billion. The sell, today, 2.4 times more expensive. In 2002, TPG had news taking control, with only 26 of the capital, Gemplus Smartcard manufacturer. The Fund had ousted Founder Marc Lassus before merge the case with Axalto to create Gemalto.

A triple bet on the future

For long months, the potential purchasers revolve around the TDF file. The Australian Macquarie funds had taken contacts directly in the summer. But Fund Cinven, Eurazeo, BC Partners and Wendel also studied closely the record, like Albertis Telecom, the Spanish competitor to TDF. Since the re-entry, Michel Combes, the new CEO of TDF, was responsible for preparing the sale. As a first step, TSF bought its competitor Antalis ("Les Echos" from September 12) that had forced him to open the market for distribution of digital television and had filed a complaint with the competition Council. According to our information, TDF did not hesitate to EUR 35 million on the table for this acquisition. In a second time, Michel Combes presented a development plan for the next years ("Les Echos" from September 22). This plan provides that the Group has a turnover of EUR 1.2 billion in 2010, against 954 million in 2005. But this implies the achievement of many paris. The first is the generalization of terrestrial broadcasting in the TNT to cover 95 of the population, while an offer to broadcast by satellite could prevent publishers of TV channels to spend a lot of money. This folder of the DTT tender organized by the city of Paris for the site of the Eiffel Tower (see below) will be crucial. TDF may lose unique high point this in France, which covers him only 20 of the French population. Second bet, the rapid launch of mode DVB - H mobile TV. This launch depends on the enactment of the Bill on the television of the future, that the Government should submit to the Senate in November. On this issue, there is to play. TDF hopes to invest about 300 million in infrastructure for DVB - H, and hope the rent nearly 100 million euros per year for telecoms operators. They have not yet agreed. Finally, the last bet is based on the development of activities diversification, such as the construction of a platform of electronic interaction with Smart Jog and the construction of a national WiMax network.