Deutsche Telekom keeps options open on T-Mobile Netherlands

* Options include sale, asset swap, stake sale

* Has hired Credit Suisse (LSE: 0QP5.L - news) as adviser

* T-Mobile Netherlands could be valued at almost 5 bln euros (Adds adviser appointment, detail, background)

By Peter Maushagen

FRANKFURT, Oct (HKSE: 3366-OL.HK - news) 21 (Reuters) - Deutsche Telekom (Xetra: 555750 - news) is looking at a number of options for its T-Mobile Netherlands division, including a sale and an asset swap, a person familiar with the matter said on Wednesday.

Sources told Reuters on Tuesday that the company was considering a sale of the business as part of a plans become a packaged service provider, which includes internet as well as television and mobile.

Europe's biggest telecoms operator by revenue is moving away from pure wireless operations and wants to become a so-called integrated operator.

Such companies offer a cluster of telecoms services including broadband, internet, television and mobile products.

Deutsche Telekom has hired Credit Suisse to advise on the process, which is still at an early stage, two people familiar with the matter said.

The options Deutsche Telekom is looking at include a partnership, merging T-Mobile Netherlands with another group, or swapping it for a minority stake in another company, the first source said.

Deutsche Telekom and Credit Suisse declined to comment.

The German company earlier this year swapped its stake in EE mobile phone operator for a stake in London-listed BT Group (LSE: BT-A.L - news) at a valuation of 7.9 times operating earnings before interest, tax, depreciation and amortisation (EBITDA). T-Mobile Netherlands had EBITDA of 630 million euros ($715 million) in 2014. Applying such a multiple would value the business at almost 5 billion euros. ($1 = 0.8806 euros) (Additional reporting by Harro ten Wolde in Frankfurt and Pamela Barbaglia in Madrid; editing by Sabine Wollrab and Jane Merriman)