The eleven percent shareholdings over Danish telecommunications firm TDC owned by KKR was sold off for USD744 million. The sale was to take advantage of a recent rise in the price of telecommunications stocks as well as the means for the private equity firm to exit from the business investment.

KKR announced last Friday that it had sold 90 million shares to different institutional investors for DKK46.3 per share. This was 3% lower than the closing price of the stock last Thursday. KKR did not indicate how the proceeds of the sale worth DKK 4.17 billion or USD744 million would be utilized or how much was the initial investment worth compared to the share sale price.

The shares over TDC came to the possession and ownership of KKR as part of the private equity consortium NTC, which bought 88% of the Danish telecoms firm back in 2006 for DKK 67 billion. NTC has since reduced its shareholdings during several occasions leading to the sale of all its remaining TDC shares, leaving KKR as the only member of the consortium retaining its shares.