3i reaps £36m on sale of final stake in Eltel

The complete exit comes 18 months after 3i listed Eltel in Stockholm in an IPO that valued the company in excess of SEK 4.2bn.

Proceeds from the latest share sale to 3i's listed entity were £20m. Since listing, 3i's investment in Eltel has returned more than £170m.

Previous funding
3i bought Eltel from IK Investment Partners and Nordic telecoms company TeliaSonera in a 2007 deal that saw IK reap a 2.5x money multiple.

IK's Industri Kapital 2000 Fund had acquired the company from CapMan three years earlier, paying €190m.

In Eltel's 2015 flotation, 3i received £76m of initial proceeds as well as a further £10m from the overallotment option. Following the expiration of the GP's lockup period in February 2016, it sold a 7.7 million share block worth £52m.

Company
Eltel is a provider of technical services to the European infranet industry, which consist of companies that own and operate critical infrastructure networks including power, communication, transport and defence.

Headquartered in Espoo, Finland, the company also offers services related to the construction, installation, maintenance and operation of critical infrastructure.
It mainly operates throughout the Nordic and Baltic regions, Poland, Germany, the UK and Africa.

Eltel generates net sales of €1.15bn and reports EBITDA of €52m. Founded in 2001, the company employs 9,300 people.

People
3i – Fredrik Karlsson (partner, co-head for Nordic region).
Eltel – Axel Hjärne (CEO).

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