Apax Partners and Fortino Capital have acquired Maltese cableco Melita Cable for an undisclosed price, the target said in a statement.
Apax Partners and Fortino Capital have acquired Maltese cableco Melita Cable for an undisclosed price, the target said in a statement.
The sellers are GMT Communications Partners, M/C Venture Partners, Blackrock Communications and Gasan Group.
Messier Maris & Associés advised France-based Apax and Belgium-based Fortino on the transaction, while Weil, Gotshal & Manges and CSB Advocates provided legal advice.
Lazard advised the sellers, which had legal advice from Shearman & Sterling and Camilleri Preziosi.
The transaction is subject to regulatory approval.
Melita chairman Joseph Gasan said: “I am delighted that Melita, which I founded 23 years ago, is now in a position, after a period of growth and transformation, to start a new phase under new ownership.”
According to CEO Andrei Torriani, “This transaction further highlights that Melita is recognised as one of the more advanced telecommunications players in Europe with converged fixed cable and mobile networks and services.”
GMT acquired a majority shareholding in Melita in 2007 from Liberty International and the Gasan Group, which reinvested a minority stake in the business. Melita launched in 1991, after winning the country’s first pay-TV licence.
GMT senior adviser Massimo Prelz Oltramonti said: “We are happy to transfer ownership of Melita to a group of investors of standing and with significant telecom expertise. Under the current group ownership, Melita has evolved from being an advanced cable operator to becoming one of the most advanced quad players in Europe, and an undisputed leader in its market in broadband and entertainment. The growth of Melita is reflected in an increase in EBITDA from €16m (US$17.6m) when we invested to EBITDA in excess of €31m (US$34m) in 2015.”
In July 2014, Melita successfully completed the refinancing of its debt facilities, repaying its existing senior debt and loan facilities, together with a €25.9m locally listed bond.
The company claims to have more than 60,000 triple-play customers, and 85,000 households connected to cable TV. Melita Cable highlighted its strong track record of investments in infrastructure including nationwide 3G, an undersea cable connecting the island to Europe, high-speed nationwide broadband, data centres and hosting.
