" The Telenet IPO in October 2005 rewarded the long and intense cooperation. "
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Success stories
Telenet: strong corporate story
Telenet is the largest supplier of broadband cable services in Belgium, delivering cable TV, high-speed internet and telephony services, primarily to residential users. Gimv has been involved in Telenet since 1994, when it undertook a study for the Flemish government into the appropriate concept for the Flemish cable and telecoms company. One year later, in combination with the inter-municipal cable TV companies and American telecom company US West, Gimv examined the feasibility of a broadband network more closely. In 1996, Telenet was set up and Gimv took a 20% shareholding in the new telecom group.
In 2002, the crisis in the financial markets and fading investor interest in cable and telecoms companies left Telecom in dire financial straits. Gimv continued to believe in the corporate story and was ready to provide additional resources, even though the investment cycle for technology companies was then at its lowest point. In early 2005, Gimv still had a 15% shareholding. The Telenet IPO in October 2005 rewarded the long and intense cooperation. Gimv sold down most of its remaining shareholding in the company at the IPO.
Gimv was actively involved in the development of the company through the recruitment of management, strategy building, regulatory work, governance and corporate finance issues. Gimv also structured several transforming transactions: commercial debt, high yield debt, debt restructuring, partly trade sale, buyout of some shareholders and finally, Telenet’s IPO.
