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Friday, 10.01.2025, 14:01
Mid Europa Partners to sell Baltic mobile group Bite to Providence
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The deal, the value of which has not been disclosed, should be completed in the first quarter of 2016, Bite Lietuva said in a press release.
“With Mid Europa’s support we have developed Bite into one of the most dynamic, high quality and customer oriented mobile operators in Europe. We are grateful for their strong commitment to Bite’s long term strategy and look forward to further strengthening the business under the ownership of Providence,” the press release quoted Frederick Hrenchuk, CEO of Bite group, as saying.
With the base of 1.58 million private and business customers, Bite, which operates in Lithuania and Latvia, is one of the largest telecommunications operators in the Baltic countries.
Providence Equity Partners is the world’s leading private equity firm specializing in investments in the media, communications, education and information industries. Since the firm’s inception in 1989, Providence has invested in more than 150 companies worldwide and currently has 45 billion US dollars in assets under management across complementary private equity and credit businesses.
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