Swedish PE firm EQT’s fund EQT VI is set to buy Norwegian telecoms solutions provider Ventelo for an equity value of around NOK 1.8bn (US$306m).
Ventelo, which is the second largest data and telecoms provider in Norway and owns one of the…
Swedish PE firm EQT’s fund EQT VI is set to buy Norwegian telecoms solutions provider Ventelo for an equity value of around NOK 1.8bn (US$306m).
Ventelo, which is the second largest data and telecoms provider in Norway and owns one of the country’s two nationwide fibre networks, is being sold by private Norwegian investment firms BKK, Troms Kraft, Agder Energi, NTE, Eidsiva Bredbånd and Altibox.
A spokesman for EQT, which already owns Norwegian dark fibre firm InFiber, said it expects to close the acquisition in January, following regulatory approval.
Anders Misund, partner and head of EQT Partners Norway, said: “By acquiring Ventelo, EQT VI is taking another step towards improving the high speed fibre network offering by building a strong challenger in the Norwegian data and telecom market.”
Gunnar Asp, industrial adviser to EQT VI and chairman of InFiber, said: “With a strong number two position and reinforced with the expertise and resources of EQT VI, Ventelo is well positioned to enhance the growth potential in the Norwegian data and telecom market.
“Short term, EQT VI will support the management team in providing Norway’s leading data and telecom solutions to its customers, in addition to initiate the process for creating a stronger platform for future growth and development.”
Following the acquisition, Asp will be appointed chairman of a new Ventelo board of directors.
EQT VI is a EUR 4.75bn fund launched in 2011. According to the firm’s website, the fund “targets established businesses with strong market positions, clear competitive advantages and significant potential for future sales and earnings growth, within industries that are consolidating, growing or changing and can demonstrate well-defined realization alternatives.”
