Private Equity Fund Investments
Partners Group to acquire controlling stake in ACT Broadband
Investor Release Advisor Disclosure
Partners Group is to acquire a controlling stake in Bengaluru-headquartered broadband service provider Atria Convergence Technologies (ACT) at an enterprise value of nearly USD 1.2 billion. Partners Group, an existing investor in ACT since 2016, will buy the stake from fellow private equity firms True North, via its unit Argan (Mauritius) Ltd, and TA Associates. Argan will make a complete exit while TA will retain a stake. Veritas Legal advised Partners Group on the deal. UBS and Khaitan & Co were the financial and legal advisors respectively to TA Associates on the deal. Pioneer Legal acted for Argan and Cyril Amarchand Mangaldas (CAM) was the legal advisor to Atria. In June 2008, True North Fund III had acquired a controlling stake in ACT and brought in the company's current management team. In 2016, a consortium of investors led by True North's Indium V (Mauritius) Holdings Ltd, investing through Argan and TA, acquired a controlling stake in ACT from True North Fund III and other sellers. With over 7,000 employees, ACT offers a package of internet, TV, data, and other broadband services. It 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 speeds of up to 1 Gbps.
From the Venture Intelligence PE-VC Deal Database: Between Jul-15 and Jan-17, ACT had attracted over $500-M from TA Associates and TrueNorth. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
