Melita Group up for sale - reports
The Melita Group is being sold and the first round of bidding has been completed, according to TMT Finance.
The portal said that the first round bids were submitted on March 20.
Melita chairman Joe Gasan declined to comment for the moment.
He said: “Melita was purchased in 2007 by private equity firms. It is quite normal for investors to build up a company and sell it on within four to six years. Now that six years are up and the company’s value has been built up and it is doing well, it is a fact that it would sooner or later be sold as a going concern.”
He declined to comment on the value of the company.
TMT Finance quoted sources saying that the company, owned by GMT Communications Partners, MC Venture Partners, Gasan Group and Blackrock Communications Ltd, is valued at up to €300 million
The Melita group offers cable TV, broadband internet, fixed-line telephony, and mobile voice and data services.
No announcements identifying participating bidders have been made but it is understood that interest from private equity firms and telecoms groups has been attracted, according to sources
Accoprding to TeleGeography’s GlobalComms Database, Melita represented 48.6 per cent of the broadband market at the end of 2013, claiming 70,100 subscribers at that date.