Partners group to acquire ACT Fibernet for nearly $ 1.2 billion
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.
It will acquire a controlling stake on behalf of its client in broadband service provider Atria Convergence Technologies (ACT). ACT has 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.
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.
"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.
Accenture Announces Extended Relationship with AWS and Joint Investments to Help Organizations Get to Cloud Value Faster
Accenture (NYSE: ACN) today announced the renewal of its joint business group with Amazon...
Bounce and Park+ to set up battery swapping stations across India
India’s smart mobility solution, Bounce and Park+, a Super App for car users, have a...
Crestron Electronics organises "CresEmpower" in Ahmedabad for its consultants
Crestron Electronics organised a Training and Demo Session for its esteemed consultants of...
Karnataka Digital Economy Mission (KDEM) launches "Beyond Bengaluru Start Up Grid"
The Beyond Bengaluru initiative of the Karnataka Digital Economy Mission (KDEM) is DRIVING...
Visualize your business elevations with Ingram Micro ONE Experience 2021
The virtual ONE event centralizes on IT and complex security challenges and bringing senio...