Formed in 1999 by the merger of cable operators Sueweda and KabelMedia, PrimaCom immediately assumed the position of Germany's largest private cable network operator.
The merger also marked the realization of a long-term strategy to consolidate assets in the highly fragmented German cable TV market. Our involvement with PrimaCom first came about in 1993 when we invested in KabelMedia, giving us a foothold in the burgeoning German market - at the time the second largest cable market outside the US. Over the subsequent six years we completed over 30 acquisitions, turning KabelMedia into the fourth largest private operator in Germany. Its subsequent merger with Sueweda to create PrimaCom made it the largest private operator. During the course of its expansion programme we invested a total of $50m in the business and helped raise an additional $100m through a high-yield offering - the first successful DM denominated offering of its type completed in the US. In 1999, PrimaCom successfully completed a joint flotation on the German Neuer Markt (PRC/NM) and Nasdaq (PCAG/US), valuing the business at $590m, and later that year we realized our investment when our stake was acquired by UPC (Nasdaq: UPCOY/US).