Get AS Switching Sponsors

Quadrangle Group and GS Capital Partners have agreed to acquire Get AS, a provider of cable, Internet and telephony services in Norway, from Candover. The deal is being transacted at an enterprise value of NOK 5.8 billion (Euro724m/$1.1b). It is expected to close next month. Candover acquired Get AS in January 2006, when it was still known as UPC Norway, for approximately Euro450 million.

 

PRESS RELEASE

Funds affiliated with Quadrangle Capital Partners (“Quadrangle”), and GS Capital Partners (“GSCP”) today announced an agreement to acquire Get AS (“Get”) from Candover for an enterprise value of NOK 5.8 billion (equivalent to EUR724 million / $1.1 billion at current exchange rates). Get is a leading provider of cable TV, high-speed broadband internet and telephony services to residential customers in Norway. Candover acquired UPC Norway in January 2006 and re-branded the Company to Get in October 2006. The transaction is expected to be completed in December 2007, subject to regulatory approval.

The investment in Get is consistent with Quadrangle's and GSCP's experience in the global media and communications industries. Previous Quadrangle cable investments include Grupo Corporativo Ono, S.A., Cequel Communications, Bresnan Communications, and Cablevision Systems.  GSCP's investments in media and communications include Endemol, Kabel Deutschland, Cablecom, Cequel Communications and Diamond Cable.

Gunnar Evensen, Chief Executive Officer of Get, said:

“We are very pleased that Quadrangle and GS Capital Partners share our confidence in the business and we look forward to partnering and working with them.  Our focus will remain on building on the current strong momentum in our market and delivering high quality, innovative television and communications services to our customers.” 

Gordon Holmes, Managing Principal of Quadrangle, said:
“Quadrangle and our consortium partner, GS Capital Partners, are very excited about working with Get's outstanding management team to further accelerate the development of the company and build on the foundation that has been laid in the attractive and growing Norwegian TV and communications market. Quadrangle and GS Capital Partners have significant experience in the international cable industry and look forward to supporting the Company in the next phase of its development.”

Goldman Sachs International was sole financial adviser to Quadrangle and GSCP.  Linklaters LLP acted as legal advisers to Quadrangle and GSCP.