Reuters: Private Equity: RLPC-Danish IT group KMD goes up for sale-sources

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RLPC-Danish IT group KMD goes up for sale-sources Mar 30th 2012, 16:52 By Tessa Walsh and Claire Ruckin LONDON, March 30 | Fri Mar 30, 2012 12:52pm EDT LONDON, March 30 (Reuters) - Private equity firm EQT and Danish pension fund ATP have put Danish IT group KMD up for sale in an auction process, banking sources said on Friday. EQT and ATP bought KMD in 2008 for 2 billion Danish Crowns ($358.00 million), backed by around 1 billion Danish Crowns of debt. Under the deal EQT acquired 85 percent of KMD and ATP got the rest. At the time EQT and ATP said that they expected to own KMD for between three to seven years before looking to exit the company. Another private equity buyout could be backed by around 3-400 million euros ($399.51 - $532.68 million) of debt, bankers said. Debt of this size would amount to roughly 4.2 to 5.6 times the company's annual earnings before interest, tax, depreciation and amortisation of around 71 million euros, according to EQT's website. KME works on the development, operation and maintenance of IT systems. It employs more than 3,200 people and has annual revenue of more than 3.8 billion Danish Crowns, according to the website. ($1 = 5.5866 Danish crowns) ($1 = 0.7509 euros) (Reporting by Claire Ruckin; Editing by Greg Mahlich) Link this Share this Digg this Email Reprints

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