Hungarian service provider Invitel Group is to be sold to a group of Chinese investors in a deal that values the operator at about HUF63 billion (€205 million).
The operator has been acquired by the Chinese investors led by CEE Equity Partners – which managed the China CEE Fund, a US$430 million (€404 million) private equity investment fund – from Mid Europa Partners-owned Matel and other financial investors.
The China CEE Fund currently has a total of nine investments in the CEE region, including in the educational, energy, pharmaceutical and other sectors.
Invitel Group had consolidated revenues of HUF45 billion and EBITDA of HUF14 billion for the last financial year. The deal is expected to close this quarter pending regulatory and shareholder approval.
Invitel Group comprises Invitech Solutions – an IT and telecommunications service provider targeting medium and large enterprises and public institutions – and Invitel Telecommunications, which has about 1.1 million residential and business customers in the country, taking services including broadband, telephony and interactive digital TV, making it the second-largest fixed-line provider in the country after Deutsche Telekom-owned Magyar Telekom.
Rothschild acted as exclusive financial adviser and Dechert as legal counsel to Mid Europa.
David Blunck, the CEO of Invitel, said: “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.”
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