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M&A Deal Summary

Fortino Capital and Apax Acquire Novo

On January 29, 2016, venture capital firm Fortino Capital and private equity firm Apax acquired communications company Novo from Altice Europe

Acquisition Highlights
  • This is Fortino Capital’s 3rd and Apax’s 13th transaction in the Communications sector.
  • This is Fortino Capital’s 2nd and Apax’s 2nd transaction in Portugal.

M&A Deal Summary
Date 2016-01-29
Target Novo
Sector Communications
Buyer(s) Fortino Capital
Apax
Sellers(s) Altice Europe
Deal Type Divestiture

Target

Novo

Lisboa, Portugal
Novo is an operator of a telecommunications corporation with more than 900,000 homes passed and around 200,000 subscribers. It offers pay-TV, internet, and fixed telephony services to consumers. Novo was founded in 1993 and is based in Lisboa, Portugal.

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Buyer(S) 2

Buyer

Fortino Capital

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 2013
PE ASSETS 340M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Fortino Capital is an early to later stage investment firm focused on providing growth capital to small and medium-sized companies in the Benelux region of Europe. The Firm's venture unit looks to invest €1 to €5 million for majority stakes in software and e-commerce companies with proven products/traction. The Firm's growth capital unit invests in ambitious scale-ups and more mature business (SMEs) which are challenged by industry innovation and organization change. Fortino's growth unit looks to invest €5 to €25 million for majority or minority positions. Fortino Capital was formed in 2013 and is headquartered in Zaventem, Belgium.

DEAL STATS #
Overall 9 of 29
Sector: Communications M&A 3 of 3
Type: Divestiture M&A Deals 2 of 2
Country: Portugal M&A 2 of 2
Year: 2016 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-29 ONI

Lisboa, Portugal

ONI is a provider of voice, data, and Internet services. ONI also possesses its own fiber-optic network that covers 35,000 kilometers in Portugal, as well as two licenses to supply FWA direct access. ONI was founded in 1998 and is based in Lisboa, Portugal.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 MobileXpense

Brussels, Belgium

MobileXpense is an expense management group. MobileXpense digitalizes a process that used to be paper or excel based in past, allowing to efficiently control & reduce expenses. MobileXpense was founded in 2000 and is based in Brussels, Belgium.

Buy -
Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 171 of 266
Sector: Communications M&A 13 of 15
Type: Divestiture M&A Deals 17 of 28
Country: Portugal M&A 2 of 2
Year: 2016 M&A 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-29 ONI

Lisboa, Portugal

ONI is a provider of voice, data, and Internet services. ONI also possesses its own fiber-optic network that covers 35,000 kilometers in Portugal, as well as two licenses to supply FWA direct access. ONI was founded in 1998 and is based in Lisboa, Portugal.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-08 Engineering Ingegneria Informatica

Roma, Italy

Engineering Ingegneria Informatica is an IT services provider focused on digital transformation with more than 11,000 professionals in 65 locations across the world. The Group designs develops and manages innovative IT solutions for business areas where digitalization is having the biggest impact. Engineering Ingegneria Informatica was founded in 1980 and is based in Roma, Italy.

Buy -

Seller(S) 1

SELLER

Altice Europe

Woerden, Netherlands
Category Company
Founded 2001
Sector Communications
Revenue 14.8B EUR (2019)
DESCRIPTION

Altice Europe is a multinational cable and telecommunications company with a presence in France, Israel, Belgium & Luxembourg, Portugal, French West Indies/ Indian Ocean Area, and the Dominican Republic and Switzerland. Altice provides cable-based services (high-quality pay television, fast broadband Internet, and fixed line telephony) and, in certain countries, mobile telephony services to residential customers and corporate customers. Altice Europe was founded in 2001 and is based in Amsterdam, Netherlands.

DEAL STATS #
Overall 2 of 9
Sector: Communications M&A 2 of 8
Type: Divestiture M&A Deals 2 of 7
Country: Portugal M&A 2 of 3
Year: 2016 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-29 ONI

Lisboa, Portugal

ONI is a provider of voice, data, and Internet services. ONI also possesses its own fiber-optic network that covers 35,000 kilometers in Portugal, as well as two licenses to supply FWA direct access. ONI was founded in 1998 and is based in Lisboa, Portugal.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-21 Teads

New York, New York, United States

Teads, Inc. is an inventor of outstream video advertising and native video advertising marketplace. Teads’ native video advertising solutions encompass a series of formats inserted deep into media content, like the inRead playing inside articles.

Buy €285M
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