A group of bankers are putting together a fund worth just under Eur1 billion or US$1.28 billion to finance the potential purchase of DNA, the mobile phone company of Finland. The move was confirmed by sources familiar with the transaction who spoke on condition of anonymity.
UBS, the financial advisor to DNA, has sent out information memorandums for prospective purchasers and interested parties early this month. The first round of the auction process is expected to happen by June. Amongst those that would be likely to submit bids are Swedish hedge funds EQT and Nordic Capital as well as BC Partners and Cinven, European hedge funds.
When sought for comments, BC Partners, Cinven, EQT and Nordic Capital declined to make any while DNA was not immediately available to provide one.
Should the sale push through, this could signal the start of the revival of the M&A activity in Europe as the market has been in the doldrums for the past year largely due to a depressed economic landscape.
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