Global Broadband, ISP Acquisition Comparables

EV / Revenue
Acquiror

Target

Asia
CVC
SK Telecom

LinkNet
Packet One

Europe
KKR
Swisscom
Tele2
Chequers Capital
Telefonica
United Internet
Carphone Warehouse
Iliad
Vodafone
United Internet

Versatel
Fastweb
BBNed
Versatel Kabel GmbH
Hansenet
FreenetDSL
Tiscali UK
Alice France
Arcor
Versatel

Median
Average

Date

Stake Acquired

Txn Value (US$ mm)

FY

EV / EBITDA

FY+1

FY

FY+1

April-11
June-10

49.0%
25.8%

269.0
100.0

6.0x
6.4x

4.7x
n/a

11.9x
n/a

7.9x
n/a

May-11
September-10
July-10
June-10
November-09
May-09
May-09
June-08
May-08
January-08

100.0%
17.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
26.4%
5.0%

342
353
69
91
1,242
170
364
1,104
2,477
1,674

1.0x
1.6x
0.6x
6.6x
0.8x
0.4x
0.4x
2.0x
0.8x
1.7x

1.0x
1.5x
0.5x
n/a
0.7x
n/a
n/a
1.5x
n/a
1.6x

4.6x
5.3x
3.7x
n/a
3.8x
n/m
2.4x
n/a
3.9x
6.4x

4.5x
4.6x
3.7x
n/a
3.3x
n/a
n/a
8.8x
n/a
6.0x

1.3x
2.4x

1.5x
1.7x

4.3x
5.2x

4.6x
5.5x