Mid Europa to sell Invitel in €202m deal
Mid Europa Partners (“Mid Europa”), the leading private equity firm in Central and South Eastern Europe, announced today that it has reached an agreement for the sale of its investment in Invitel Group to CEE Equity Partners (“CEE Equity”), the investment advisor to the China CEE Investment Co-operation Fund. The transaction is subject to customary closing conditions, including competition clearance, and is expected to complete in the first quarter of 2017.
Invitel is the second-largest incumbent fixed line telecommunications and broadband Internet services provider with more than 1 million homes passed in Hungary, serving both residential and corporate customers.
David Blunck, the CEO of Invitel, commented: “Under Mid Europa’s leadership we have strengthened Invitel’s position in the Hungarian market and we are grateful for their support. We look forward to further developing the business under the ownership of CEE Equity.”
The Group, which has over 20 years of experience and was created from the merger of numerous former telecommunications companies, has been operating under the Invitel brand name since 2003, and will continue its operation under the above structure as of June 30, 2016. Invitel Group has always been characterised by the ability of continuous renewal, building on its own developments, the knowledge base put together through the co-operation of numerous professional areas, as well as its committed and professional workforce comprising of hundreds of specialists. By now the Group provides high-quality services to close to 500 thousand residential and SME customers, over 6 thousand businesses and institutional clients, as well as 250 additional wholesale partners.
Invitel Telecommunications Zrt., which offers a wide range of television, Internet and phone services to residential and SME customers, reaches close to one third of Hungarian households. Half of these, close to 600 thousand households, can already access the company’s most up-to-date services. The company is known amongst households for its interactive, digital, television, fast Internet and reliable phone services, but it also offers Internet, phone, public TV services and other, additional telecommunication packages tailored to the needs of small businesses.
Source: Mid Europa Press Release