Comcast UK Cable Partners Ltd, the company formed to manage Comcast Corp’s interests in the UK cable television and local phone market, is going public – but in the US rather than over here. It has filed with the US Securities & Exchange Commission to offer of up to 11.75m shares at a target price of $18 a share. With a 10% allowance for over-allotments, the total raised could reach $243.2m; of the net proceeds, about UKP60.2m will be used as capital contributions or advances to Comcast UK’s three operating companies and about UKP7.5m will be used in connection with the acquisition of Birmingham Cable Corp Ltd, which is one of the three companies; cash may also be used to construct facilities under the Teesside franchises acquired in February, if the acquisition goes through; any balance will go for working capital. Donaldson, Lufkin & Jenrette Securities Corp and Goldman, Sachs & Co underwrite.
