3i to sell stake in Nordic digital TV operator BoxerListed private equity firm 3i has agreed to divest its 30 per cent stake in Stockholm-based terrestrial digital television operator Boxer TV-Access to majority shareholder Teracom, the Swedish government-owned media operator. Financial details were not disclosed.
3i invested in the company in 2005, backing Boxer's expansion strategy in Sweden as part of country's switch from analogue to digital.
3i worked with Teracom and Boxer's management to develop the company into a highly profitable pay television operator. Pre-tax profits grew from SEK 8m in 2004 to SEK 376m in 2007, according to a statement.
Boxer now plans to expand into the international market. Earlier this year, it was granted exclusive 12-year licences to operate in Denmark's and Ireland's pay television markets.
Klas Hillström, partner at 3i, said, 'We have worked closely with Boxer, a pioneering commercial pay television operator in the DTT network, which has achieved our agreed milestones and grown into a leading player in the Swedish pay television market in just a few short years. Boxer took important steps forward with its entry into the Danish and Irish markets earlier this year and remains excellently positioned to continue to grow internationally.'
3i's track record of private equity investment in the telecommunications, media and technology sector includes the IPOs of Focus Media (China) and Telecity (UK), along with successful investments in Demand Media (US), Union Radio (Spain) and Civica (UK).
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Private Equity News» By Region» Europe» Western Europe» Sweden
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