Published: April 21, 2011
Investment partnership closes first deal.
Resource Partners, a Polish private equity firm, has bought a majority stake in SIA Baltkom TV, Latvia’s largest cable television operator.
The firm was joined in the deal by AXA Private Equity, a French firm targeting Europe, North America and Asia. This is the first deal that the firms have completed together since forming an investment partnership almost a year ago.
Baltkom, which offers pay-TV, internet and telecom services, was bought for an undisclosed sum.
Resource’s managing director, Piotr Noceń, said the partnership has been analysing the Baltic cable TV market for some time and decided to back Baltkom not only because of its expansion potential but also the consolidation opportunities in Latvia.
Baltkom now joins a portfolio of telecom and TV operators that includes companies from France, Poland, the Baltics, Bulgaria and Scandinavia.
Peteris Smidre, Baltkom’s chief executive, said that the partnership’s support will enable his team to enhance the company’s network, introduce new services and make acquisitions.