 "Partners Group to acquire Atria Convergence for enterprise value of $1.2 bn")
Swiss private equity firm Partners Group on Saturday said it will acquire a controlling stake on behalf of its client in broadband service provider Atria Convergence Technologies (ACT).
The stake will be bought at an enterprise value of nearly USD 1.2 billion (around Rs 8,900 crore), Partners Group said in a statement.
Partners Group, a joint investor in ACT since 2016, will buy the stake from Argan (Mauritius) and TA Associates.
With over 7,000 employees, Bengaluru-based ACT is a multi-service operator offering a package of internet, TV, data, and other broadband services.
ACT serves around 2 million wired broadband subscribers across 19 cities in India and has one of the largest optical fiber networks in the country, capable of delivering connection speed of up to 1 Gbps, the statement said.
"ACT is on the frontline of digitization in India. The company is an excellent opportunity for us to support the transformation of a growing business through expansion into new markets and development of new product offerings.
Also Read
"As existing investors, we have followed ACT's journey for several years and have been impressed with Bala (ACT CEO) and his team's strategic vision, and their commitment to customer satisfaction," Partners Group Managing Director Manas Tandon said.
Partners Group will work closely with ACT management and TA Associates, which will continue to hold a minority stake, on a value creation plan to support ACT's ongoing growth.
"Partners Group has been an integral part of the company's growth journey for several years and is a great believer and supporter of our core values. The firm's experience working with global technology companies and its expertise in supporting multi-dimensional growth will be very valuable," ACT chief executive officer Bala Malladi said.
The Group's other investments in India include Vishal Mega Mart, Aavas Financiers, and logistics solutions company Ecom Express.
ACT is Partners Group's third investment in the telecom space this year after Unity Digital, a telecom tower platform in the Philippines, and Eolo, Italy's leading fixed wireless access broadband provider.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)