Sale of EWT/TSS

EWT Clients:

  • EWT/TSS, one of Germany’s largest independent cable operators with approximately 700,000 franchised homes.
  • EWT/TSS was privately held by the founders and their families.
  • Based on long-standing relationship with CEA, the shareholders engaged CEA to evaluate alternatives towards monetizing their stakes in the company.


  • United Pan-Europe Communications acquired 100% of EWT/TSS in a combined cash and stock deal.
  • CEA acted as sole financial advisor to the seller.
CEA's Role:
  • Evaluated various transaction alternatives (IPO, merger with competitor, trade-sale)
  • Analyzed the European and German cable markets
  • Built financial model enabling valuation under various scenarios
  • Identified and approached potential investors
  • Organized and supervised due diligence
  • Led negotiations

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Sale of EWT/TSS