Mid Europa doubles its money on Aster sale

The transaction, which remains subject to regulatory clearance by the Polish authorities, will value the business at some €600m and will generate a 2x money multiple for Mid Europa. 

The backer originally acquired Aster from Hicks Muse in a March 2006 deal reportedly worth approximately €425m. Intermediate Capital Group provided equity and mezzanine to support that original transaction.  Around 18 months later, Mid Europa Partners completed the recapitalisation of the business, raising €415m through a combination of senior, mezzanine and pay-in-kind facilities from both new and existing lenders.

The financing represented the largest recapitalisation seen in Poland to date and included the largest local currency-denominated senior credit facility in a leveraged financing in Central and Eastern Europe. Credit Suisse underwrote the financing and coordinated the amendment process.

Aster is the fourth largest cable TV operator and largest broadband provider in Poland, with over 365,000 video subscribers, as well as 177,000 and 70,000 fixed telephony subscribers.

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