Reuters – Alinda Capital Partners has agreed to buy Polish broadcast infrastructure firm Emitel from Montagu Private Equity, the infrastructure investment firm said on Monday.
Terms of the deal were not disclosed but sector bankers told Reuters that the asset could fetch around 10-12 times EBITDA of between 65-70 million euros, making it worth as much as 840 million euros ($1.1 billion).
London-based Montagu bought Emitel, the owner of infrastructure for digital terrestrial television and radio in Poland, in 2011 for 425 million euros.
Once completed, this would be Montagu’s ninth exit from an investment in 18 months, with the private equity firm having returned nearly 2.2 billion euros to its investors at an average return of 2.5 times invested capital, a source familiar with the matter told Reuters.
Alinda Capital Partners is one of the world’s largest infrastructure investment firms, with $7.8 billion in equity committed to investments in the sector.
“We have been impressed by Emitel’s growth and results to date, are excited by the prospects for further growth,” Chris Beale, Alinda’s managing partner said in a statement.
HSBC acted as financial adviser to Alinda, Goldman Sachs advised Montagu.