Mid Europa completes €400m recap of Czech T-Mobile

A CZK 9.125bn package was underwritten by Citi, ČSOB, Erste Group Bank / Česká spořitelna, ING Bank, Raiffeisen Bank International and Société Générale in January this year. Net proceeds will be distributed to the shareholders of holding company Falcon Group.

Mid Europa initially acquired its shareholding in T-Mobile through a €1.2bn buyout of telecommunications provider České Radiokomunikace (ČRa) in 2006. At the time, the GP invested from its Emerging Europe Convergence Fund II, alongside UAE-based Al Bateen Investment, and Lehman Brothers. The deal was supported by a €750m debt package from ING Group.

ČRa held the T-Mobile minority stake from an earlier joint venture with Deutsche Telekom and this was transferred separately into newco Falcon Group. In December 2010, Mid Europa sold the former company to a consortium of funds, managed by Macquarie, for around €574m, but kept its shareholding in T-Mobile.

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• Topics
• Technology
• CEE
• Exits
• Recapitalisation
• Mid Europa Partners