Private equity group Astorg Partners is to acquire a major stake in pan-European pay TV provider M7 Group from investors led by Providence Equity Partners. Financial details of the deal were not revealed.
Specialist in European mid-market buyouts, Astorg will be acquiring a majority stake in M7 s Luxembourg-based holding company CDS Topco BV.
With the completion of the transaction, Providence and Airbridge Investments BV will continue to be significant minority shareholders of M7.
M7 operates DTH pay TV services in Belgium, the Netherlands, Austria, Hungary, the Czech Republic and Slovakia. Recently it has also decided to acquire Eutelsat s KabelKiosk operation in Germany.
Completion of the transaction is expected during the third quarter.
In this transaction, Deutsche Bank and BNP Paribas served as financial advisors to Providence and Emendo Capital advised Astorg.
Marco Visser, CEO of M7 said, This transaction demonstrates the strength of M7 s business, which has undergone a significant transformation under Providence s ownership. We look forward to working closely with the Astorg team as well as our current shareholders to continue on our growth trajectory in the years to come.
Joel Lacourte, managing partner at Astorg said, M7 will take Astorg Partners one step further in its Pan-European strategy. M7 combines all the qualities of a performing asset: excellent track record, professional management, high growth and strong customer franchises. We are delighted to join forces with the architects of this success.