2007 review: Central & Eastern Europe

January:

- Mid Europa Partners bought Vilnius-based Baltic mobile operator Bite from TDC for a cash consideration of EUR450m.

- GMT Communications Partners and Mid Europa Partners agreed to sell Hungary's second-largest fixed line telecoms operator Invitel Tavkozlesi ZRt. to Hungarian Telephone & Cable Corp for EUR470m.

February:

- Via their investment holding First Chemical Holding Vagyonkezelo, Permira and Vienna Capital Partners Group acquired a joint 92.9% stake in Hungarian petrochemicals firm BorsodChem Nyrt for EUR652m.

May:

- In what is believed to be the largest private M&A transaction in Bulgaria, AIG Global Investment Group acquired a 65% stake in listed Bulgarian Telecommunications Company AD (BTC) from Novator and Viva Ventures GmbH for EUR1.08bn. The acquisition price for the 65% stake corresponds to a price of EUR5.75 per share, valuing the entire equity of BTC at EUR1.661bn.

June:

- Mid Europa Partners completed the first LBO in Serbia with the acquisition of a substantial controlling stake in Serbia Broadband (SBB) from Southeast Europe Equity Fund I (SEEF I), managed by Bedminster Capital Management.

August:

- Lion Capital reached an agreement with the shareholders of Nidan Soki to acquire the Russian branded juice company, the third-largest juice producer in Russia.

September:

- Blackstone led the $575m MBO of Latvian telecoms company The Lattelecom Group.

- Mid Europa portfolio company Aster completed EUR415m dividend recap in Poland, enabling Mid Europa to realise close to 100% of its initial equity investment in March 2006. This represents the largest-ever recapitalisation in Poland and features the largest-ever local currency-denominated senior credit facility in a leveraged financing in Central and Eastern Europe.

October:

- Mid Europa Partners closed its third fund, Mid Europa Fund III LP, on EUR1.5bn, making it the largest fund ever raised in the region. The fund dwarfs its EUR655m predecessor, which was raised two years previously.

- Kohlberg Kravis Roberts & Co (KKR) acquired a 97.6% stake in Turkish transport business U.N Ro-Ro Isletmeleri A.S and majority shareholdings in each of its three affiliates (together the U.N. Ro-Ro Group). The transaction valued the group at EUR910m on a cash and debt-free basis, representing the largest private equity-led buyout in Turkey to date.

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