Montagu sells Emitel to Alinda

Emitel was originally acquired by Montagu for PLN 1.7bn from Polish telecommunications company Telekomunikacja Polska Group in 2011, in a deal that saw the GP invest alongside CEE-focused institutional investors such as Innova Capital, Value4Capital and the European Bank for Reconstruction and Development. Since the takeover, Emitel has made two add-on acquisitions.

Company
Krakow-based Emitel owns and operates a nationwide network of 377 television and broadcasting tower infrastructure sites. The firm broadcasts TV and radio signals nationwide, operating long-term contracts with a range of television and radio channels, including a government-owned TV and radio channel.

Over the past three years, Emitel changed its operations from analogue television to a digital terrestrial platform with a nationwide reach, stating that to be the primary source of television for 30% of all Polish households. The firm was founded in 2002.

People
Michał Chałaczkiewicz is a director at Montagu. Przemysław Kurczewski is CEO of Emitel. Chris Beale is Alinda's managing partner.

Advisers
Equity – HSBC (M&A); Linklaters (Legal); Analysys Mason (Commercial & technical due diligence); Deloitte (Financial due diligence & tax).
Vendor – Goldman Sachs (Corporate finance); Weil Gotshal & Manges (Legal).

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• Montagu Private Equity