Business Wire
PROVIDENCE – Providence Equity Partners Inc. today announced it has acquired an approximately 15-percent equity stake in Idea Cellular Ltd., a company promoted by the Aditya Birla Group. Terms were not disclosed.
Idea is a leading wireless operator in India with over 10 million subscribers, and operations in eleven of the country’s major markets. The Company is among the top 5 cellular service providers in India by revenue, and among the top 3 within its current markets, providing service to 58% of India’s total telephony market. In addition to its cellular services, Idea provides several innovative value added services.
“We are pleased to invest with the Aditya Birla Group in Idea, an exceptionally strong, well managed company in the world’s fastest growing wireless market,” said Bis Subramanian, managing director of Providence Equity Partners. “We look forward to our relationship with the Aditya Birla Group and management to support the company’s growth and leadership.”
Jonathan M. Nelson, CEO of Providence Equity Partners, said, “This marks our first investment in Asia where we plan to continue partnering with media, communications and information companies that, like Idea, are led by experienced management and have established businesses with significant opportunities for growth.”
Providence Equity Partners Inc. is a global private investment firm specializing in equity investments in media and entertainment, communications and information companies around the world. The principals of Providence Equity manage funds with over $9 billion in equity commitments and have invested in more than 80 companies operating in over 20 countries since the firm’s inception in 1990. Significant investments include Bresnan Broadband Holdings, Casema, Comhem, Education Management Corporation, eircom, Kabel Deutschland, Metro-Goldwyn-Mayer, Ono, PanAmSat, ProSiebenSat.1, Recoletos, SunGard, VoiceStream Wireless, Warner Music Group, and Western Wireless. Based in Providence, it has offices in New York and London.
