Apax Partners has agreed to acquire Warburg Pincus’s stake in Odido, a Netherlands-based telecom provider. Apax and Warburg Pincus have been shareholders in Odido since 2022, when they bought the business from Deutsche Telekom and Tele2. Odido serves around 8 million consumers and businesses with mobile, fixed internet, TV and business connectivity, and operates 118 shops across the country.
Once the deal completes, Apax will support ongoing investment in Odido’s network, customer experience and digital inclusion. Gabriele Cipparrone, partner at Apax, said Odido is a business they know intimately and have high conviction in its future growth. The exit adds to Warburg Pincus’s strong run, having distributed approximately $57 billion to investors since 2020 while investing about $40 billion in new investments over the same period.
In retail, Codex Capital announced it is backing the combination of Any Card, Lifestyle and Savvy into Norell, a new group in the gift card, reward and incentive market. Norell generates combined revenue of more than £100 million ($133 million; €118 million). Codex’s investment will fund improvements to technology, content and service capabilities across international markets.
Jamie Lawson-Brown, managing partner at Codex Capital, said the stored value payments market is evolving rapidly, with gift cards increasingly used beyond traditional gifting. Norell will operate with each brand keeping its identity, capabilities and staff. Together, the businesses have processed more than $8 billion in card value across more than 45 countries and 33 currencies.
The global gift card market, including corporate rewards and incentives, is valued at $1.5 trillion in 2026 and projected to reach $2.2 trillion.
Source: PE Hub · Summarized by HeadlinesBriefing