Mid Europa moves forward with Invitel acquisition

Investment firm Mid Europa Partners has closed the first phase of its acquisition of Hungarian service provider Invitel from Danish telco TDC.

Mid Europa is now a non-controlling shareholder of Invitel following its purchase of a 32.3% stake in the company from TDC and the delivery in escrow of the purchase price of the latter’s remaining 32.3% stake in the company. The acquisition of the latter will be completed on approval of the deal by Serbia’s competition authority (where Mid Europa already owns leading triple-play provider SBB).

The aggregate purchase price of TDC’s shares will be approximately DKK54.9m (€7.4m), and TDC will also divest its shareholder loan of DKK253.8m at its nominal value, yielding DKK120m after tax.

Invitel has about one million broadband customers in Hungary and offers IPTV services under the InviTV brand.