wordpress blog stats
Connect with us

Hi, what are you looking for?

TA Associates and IVF Advisors to invest $500M in ACT Broadband

Private equity firms TA Associates and India Value Fund Adviors (IVFA) will invest $500 million in broadband provider Atria Convergence Technologies (ACT), reports VCCircle. The report adds that the PE firms will now acquire 95% of the company following the deal. Naveen A. Wadhera, co-head of Asia at TA Associates Asia Pacific Ltd, andDhiraj Poddar, co-head of India at TA Associates Advisory Pvt. Ltd, will join ACT’s board after the transaction is completed. It's worth noting that earlier this month, IVFA received FIPB approval to acquire up to 100% stake in ACT. IVF’s proposal had earlier been deferred by FIPB, in April and January this year. Note that this stake acquisition pertains only to ACT’s broadband business, and the shareholding of ACT’s cable TV business will remain unaffected. Note that IVFA currently holds 70% of ACT through a fund called "India Value Fund III" and it will be divesting a significant portion of its shareholding. IVFA is reinvesting in ACT through its new fund. ACT had raised $23 million of debt financing from Olympus Capital Asia Credit (OCA Credit) and Kilimanjaro Credit Fund, in February last year. In June 2014, ACT had also acquired an additional 20% stake in Hyderabad-based ISP Beam Telecom for an undisclosed amount, thereby increasing its stake in the company to 80%. ACT  had rebranded its broadband brand ACT Broadband as ACT Fibernet following its aqcusition of Beam Telecom and would provide 100 Mbps for retail use and up to 250 Mbps for commercial usage as part of its rebranding plan. ACT's reach ACT claims to have a customer base of close to 700,000 in…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ