Central and South Eastern Europe-focused private equity firm Mid Europa Partners is to sell its investment in Invitel Group to CEE Equity Partners, the investment adviser 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 one million homes passed in Hungary, serving both residential and corporate customers.
David Blunck, the CEO of Invitel, says: "Under Mid Europa’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 Mid Europa.