Mid Europa Partners has agreed to buy a 64.6% stake in the Hungarian alternative telco Invitel currently held by Denmark’s TDC.
In what will be a series of transactions, Mid Europa will pay almost $10.8 million (€7.39 million) to TDC for the stake; acquire TDC’s rights and obligations under a €34.1 million subordinated PIK (shareholder) loan; and hold a tender for the outstanding €125 million floating senior PIK notes in 2013.
Invitel is the second largest telco in Hungary and its interests include an IPTV service named InviTV.
Mid Europa Partners has several interests in the CEE region, its most recent acquisition having been UPC Slovenia in May this year.
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