private-equity-group-buys-into-indian-telecom-player

Private equity group buys into Indian telecom player

A consortium of private equity investors, led by Providence Equity Partners, has paid around $550 million for a 25% stake in Idea Cellular.
October 30, 2006
Idea Cellular, part of India's AV Birla group, completed a private equity placement on Friday last week selling a 25% stake in the company to four private equity investors.

The largest investor, Providence Equity Partners, acquired a 15% stake for an estimated $400 million, while TA Associates and ChrysCapital are reported to have invested around $120 million each for a collective 8% stake. The fourth investor is reported to be Citigroup which bought the remaining 2% stake - though no confirmation has been made.

This is the first investment in Asia for US-based Providence which has more than $9 billion under management and invests mostly in communications and media companies. Jonathan Nelson, the...
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