PAI acquires 40% stake in Konecta

The details of the transaction are undisclosed, though Spanish publication Expansión reports PAI paid around €130m for its stake, giving the company a valuation of more than €300m.

As part of the deal, Santander will retain a 40% stake in the company, while Konecta's chairperson and co-founder Jose Maria Pacheco will retain a 20% stake.

The transaction marks PAI's second investment in a Spanish business in quick succession, having acquired elderly care home operator Geriatros from Magnum Capital in July.

The GP is currently investing from its sixth fund, which held its final close on €3.3bn in March 2015. At the time, PAI stated the vehicle's hard-cap was raised from €3bn in order to meet investor demand.

Company
Founded in 1998, Madrid-headquartered Konecta is a business process outsourcing company. It has a presence in 10 countries including Spain, Portugal, the UK, Morocco and various Latin American markets.

Konecta generated revenues of €500m in 2015, representing a compound annual growth rate of 28% since 2000. The business has a headcount of around 25,000.

People
Michel Paris is partner and chief investment officer at PAI.

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