Funds advised by Apax Partners have agreed to buy Warburg Pincus's stake in Odido, ending a four-year partnership. The two firms originally bought T-Mobile Netherlands in September 2021, valuing the company at an enterprise value of €5.1bn, or about 8.7 times adjusted EBITDA. Deutsche Telekom owned 75% and Swedish operator Tele2 the remaining 25%.
The deal completed on 31 March 2022, bringing Deutsche Telekom about €4bn of net cash. When the deal was announced, T-Mobile Netherlands had revenue of just over €2bn a year, had built up a 42% share of the Dutch mobile market, and had about 700,000 broadband customers. The partnership's exit marks a significant shift in the Dutch telecom landscape, with Apax now taking full control of the standalone operator formerly known as T-Mobile Netherlands.
Source: PE Insights · Summarized by HeadlinesBriefing