Mid Europa Partners has entered into an agreement to sell Aster, a provider of media and communication services in Poland, to UPC Polska, an affiliate of Liberty Global.
The transaction is subject to regulatory approval by the Polish competition authorities, and is expected to close in the first half of 2011.
The transaction values the business at PLN2.4bn (EUR600m) and allows the Aster investors to approximately double their initial investment.
Matthew Strassberg, who has led Mid Europa’s investment in Aster, says: “Since acquiring Aster in 2006, we have enjoyed partnering with its strong management team in solidifying Aster’s premium market position based on strong customer focus and product innovation. Under our ownership, Aster has invested over EUR80m in its network and has increased the number of revenue generating units by 85 per cent while at the same time increasing its profitability by nearly 80 per cent.”
Michelle Capiod, who has been involved in Aster throughout its investment cycle, led the negotiations and the execution of the transaction with the support of Andrej Babace.
