Kabel Deustchland—Germany’s largest cable system operator with 8.9 million subscribers—unveiled plans on Tuesday to conduct an initial public offering (IPO) of shares instead of selling itself in a private deal. Slated to raise in excess of €1 billion (US $1.36 billion), the offering would rank as Germany’s largest IPO in three years and is expected to encompass shares that equate to a 25% stake in the company. Kabel’s IPO comes on the heels of Liberty Global’s recent $3 billion acquisition of Unitymedia, the second largest cable operator in Germany. Unitymedia had planned an IPO late last year before BC Partners and Apollo Management, the company’s private equity owners, agreed to sell the company to Liberty. Although several private equity firms had expressed an interest in paying as much as $6.8 billion for Kabel, recent volatilities in the market for high-yield bonds (which Kabel’s prospective buyers would need to sell to refinance bank loans needed for the purchase) induced Kabel to opt instead for an IPO, which Kabel’s controlling shareholder, Providence Equity Partners, believes will result in a higher valuation of the company.