EQT buys Maltese telecommunication specialist Melita in SBO

Unquote understands that EQT wholly acquired Melita in a deal that gives the company an enterprise value of around €500-600m, which equates to 10-12x its 2018 EBITDA of 50m.

The GP invested via its EQT Infrastructure IV fund, which held a final close on its hard-cap of €9bn in March 2019. In addition to the equity drawn down from the fund, Unquote understands that the GP will use a debt package of around 5x EBITDA.

Melita will continue to operate under the leadership of its CEO Harald Rösch.

EQT intends to support Melita's growth by further upgrading its fixed and mobile networks, and opening an additional data centre location in Malta. The GP also plans to boost Melita's internationalisation strategy, including its expansion in Italy, and further develop its innovative Internet-of-Things connectivity proposition.

Previous funding
GMT Communications Partners bought a majority stake in Melita in 2007. GE Capital acted as lead mezzanine provider on the deal. 

Apax Partners and Fortino Capital acquired Melita in December 2015 from GMT, MC Venture Partners, Blackrock Communications and the Gasan Group. BNP Paribas arranged a €175m package of debt funding to support the deal. 

Company
Founded in 1991 and headquartered in Mrihel, Malta, Melita is a telecommunications infrastructure owner, as well as a service provider. The company offers broadband for households and small businesses, mobile and fixed telephony, and TV services to consumers, businesses and public clients in Malta. It also provides co-location services and operates a purpose-built data centre. Unquote understands that the company generated EBITDA of around €50m in 2018.

People
EQT Partners – Ulrich Köllensperger (partner).
Melita – Harald Rösch (CEO).

Advisers
Equity – Clifford Chance (legal); Ganado Advocates (legal).

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• Topics
• Buyouts
• Southern Europe
• Infrastructure
• EQT
• Malta
• Secondary buyout
• Apax France SA