Private-equity firm Apax is nearing an agreement to acquire Warburg Pincus’ interest in Dutch telecommunications company Odido in a transaction that would value the business at approximately €6.5 billion, or $7.4 billion.
The Financial Times reported the negotiations Saturday, citing people familiar with the matter. Reuters subsequently reported the details. The companies have not announced a completed transaction.
Apax and Warburg jointly acquired the business, then known as T-Mobile Netherlands, in 2021 at an enterprise value of €5.1 billion.
Odido considered returning to public markets this year but postponed a planned Amsterdam initial public offering in February following weak investor demand and concerns about volatility in global equity markets.
That period brought another complication for the company. A cyberattack exposed personal information associated with more than six million accounts.
The owners subsequently received approaches from other potential buyers, including Saudi state-backed telecommunications group STC, according to the Financial Times report cited by Reuters.
Apax, Warburg Pincus, Odido and STC had not responded to Reuters requests for comment outside regular business hours.
If completed at the reported €6.5 billion valuation, the transaction would leave Apax with greater control of a telecommunications asset valued materially above the enterprise value at which the private-equity firms originally acquired the business.
The principal issue now is whether the negotiations result in a signed agreement and whether another potential buyer enters or re-enters the process.
