Compere Associates, a London-based principal investment firm, has launched a multi-billion euro counter-bid for six German cable franchises which are being sold by Deutsche Telekom.

The bid is a challenge to the private equity firm Klesch & Co which, together with Liberty Media, signed a letter of intent to buy a 55% stake in the cable networks in February. Although the purchase price was not disclosed, it is believed that the deal was worth around €8bn including debt.