Partners Group buys broadband service provider ACT for Rs 6750 crore

Swiss PE fund Partners Group has agreed to acquire about 75% stake in Atria Convergence Technologies Ltd. (ACT), India’s leading non-telco internet service provider, from its investors True North and TA Associates, said a company statement today. Partners will pay around Rs6750 crore ($900 mn) for the 75% stake, where the transaction values ACT at an Enterprise Value of nearly $1.2 billion (Rs.9000 cr).

True North’s investment arm Argan will exit its entire shareholding in ACT, while TA will partially divest its shareholding. Both funds together held about 95% stake in ACT. Post transaction, Partners will hold 75% stake, TA will hold about 20% and the rest of the stake will be held by the management, said people aware of the development.