LONDON, UK: On 7 September 2021, the Apax X Fund signed, in consortium with Warburg Pincus LLP, a definitive agreement to acquire T-Mobile Netherlands Holding B.V., a leading European telecommunications operator.
The transaction is subject to customary closing conditions, including consultation with employee representatives, and regulatory approvals.
AGA is a limited partner in Apax X Fund. On a look through basis, AGA is expected to invest approximately €22m in T-Mobile. Note that this figure relates to AGA’s look through position of Apax X’s overall investment in T-Mobile and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable.
T-Mobile, which operates four brands – T-Mobile, Tele2, Ben, and Simpel – is a leading European telecommunications operator.
Under the current management team, the company has become the leading mobile network operator in the Netherlands and the first to offer unlimited and nationwide 5G, as well as becoming the fastest growing operator in the fixed broadband market serving around 700,000 broadband customers at the end of Q2 2021.
Funds advised by Apax and Warburg Pincus have long-standing experience and strong track-records in the Communications Services and broader Telecommunication, Media, and Technology (TMT) sector, having invested in companies globally, including in Salt (Apax), Wind Telecom (Apax), TDC (Apax), Ziggo (Warburg Pincus), Inexio (Warburg Pincus) and Community Fibre (Warburg Pincus).
The two firms have also worked closely together since 2019 when their respective funds jointly invested in Inmarsat, a mobility-focused satellite operator focused on maritime, aviation and government end-markets.
Under the new ownership, T-Mobile will become an independent Dutch company and Apax and Warburg Pincus will look to partner with the management team to support the company as it continues to focus on innovation and growing its already impressive customer base.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax, as well as a focused portfolio of debt and equity investments (Derived Investments). In July 2019, AGA made a commitment of c.$450m2 to Apax X.