Partners Group has signed a definitive agreement to acquire a larger stake in Atria Convergence Technologies Ltd in a deal that qualities the last at $1.2 billion, the organizations said on Friday.
The Switzerland-based investor is buying approximately 76% stake in the broadband service organization from PE firms True North and TA Associates.
Genuine North and a portion of its Limited Partners like CPPIB and GIC owned about 57% stake in Atria through a Mauritius vehicle Argan, two persons familiar with the development told VCCircle. While Argan is completely exiting its investment through this deal, TA Associates is selling half of its stake.
Genuine North and its investors are expected to gain anywhere $684 million and $700 million from the transaction, while TA Associates will get about $225 million from this deal, the people referred to above said. The two investors remain to make almost 3X on their investment in Atria that was made in 2016, the persons added.