MidEuropa Agrees to Sell Invitel
MidEuropa, 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 MidEuropa’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.”
Rothschild acted as exclusive financial adviser and Dechert as legal counsel to MidEuropa.