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TDC A/S - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
TDC A/S is Denmark’s incumbent telecommunications operator and, as the country’s leading provider of telecommunications services, provides domestic local and long-distance, international, Internet access and data communications, mobile telephony, and cable TV services. TDC is also the second-largest provider of communications services in Switzerland and has a significant presence in selected Northern and Central European telecommunications markets. TDC's main business lines include: TDC Solutions, which provides communications services primarily in Denmark and other Nordic countries. In addition to offering telephony and data communications services through its Danish network, TDC Solutions operates a pan-Nordic network through its wholly-owned subsidiary TDC Song that is mainly for business customers. TDC Solutions also provides telecommunications infrastructure products for Swedish business customers through its wholly-owned subsidiary TDC Dotcom and provides IP-LAN infrastructure for business customers through its wholly-owned subsidiary NetDesign. TDC Solutions also provides landline and data communications services in Hungary through its 63.3%-owned subsidiary Hungarian Telephone and Cable Corp (HTCC). TDC Mobile International, which provides mobile services in Denmark and a number of other European countries. Its domestic activities include the wholly-owned companies TDC Mobil A/S and Telmore. Its international activities include the fully-owned subsidiary Talkline (Germany), a 19.6% stake in the Polish mobile operator Polkomtel (which as of February 2007 was in the process of being sold), and a 15.0% stake in Austrian mobile operator ONE. TDC Switzerland, a wholly-owned subsidiary that is the second-largest full-scale telecommunications provider in Switzerland and operates under the sunrise brand. TDC Cable TV, a Danish provider of cable TV, Internet and VoIP services. Other activities include TDC Services, which mainly provides business services for the TDC Group's domestic business lines. TDC was partly privatised in 1994 and fully privatised in 1998, and at the end of 2003, was 41.58%-owned by US-based SBC Communications (now AT&T), with the remaining shares held by individual and institutional shareholders. In June 2004, SBC announced plans to sell shares in TDC corresponding to 32.1% of the common shares. SBC completed the sale of these shares on June 10. In November 2004, SBC sold its remaining shareholding of 9.5% of the common shares of TDC. In December 2005, Nordic Telephone Company (NTC), an investment partnership formed by Apax Partners Worldwide LLP, The Blackstone Group International, Kohlberg Kravis Roberts & Co LP, Permira Advisers KB, and Providence Equity Partners, made a public tender offer for all of the common shares in TDC. NTC became the owner of 88.2% of the common shares of TDC on February 1, 2006. In September 2006, Nordic Telephone Company Investment ApS (NTCI), the ultimate Danish holding company of the TDC Group with an ownership interest at that time of 88.2%, invited a group of approximately 40 senior executives and directors of TDC to subscribe for shares in NTCI. After delivery of such shares, NTC's ownership share of TDC was reduced to 87.9%. At year-end 2006, TDC had 30,694 registered shareholders, of whom 98% were based in Denmark. The Denmark-based shareholders held 95% of TDC's shares at year-end 2006. Twenty-eight shareholders each held more than 10,000 TDC shares, together owning approximately 95% of the outstanding shares. As of December 31, 2006, NTC was TDC's largest shareholder, owning 87.9% of the company's shares. The Danish pension fund Arbejdsmarkedets Tillaegspension (ATP) owned more than 5% of the shares in TDC, and was accordingly the second-largest TDC shareholder.
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