Private equity firm Mid Europa Partners has agreed to sell Baltic telecoms company Bite, which provides mobile telephony and data services in Lithuania and Latvia, to funds affiliated with Providence Equity Partners for an undisclosed value. The transaction is expected to be completed in the first quarter of 2016 and is subject to certain closing conditions. ‘With Mid Europa’s support we have developed Bite into one of the most dynamic, high quality and customer oriented mobile operators in Europe,’ commented Frederick Hrenchuk, CEO of Bite, adding: ‘We are grateful for their strong commitment to Bite’s long term strategy and look forward to further strengthening the business under the ownership of Providence.’
TeleGeography notes that in recent years Mid Europa has offloaded stakes in T-Mobile Czech Republic (February 2014), SBB/Telemach Group (March 2013) and Orange Austria (January 2013). Other divested Mid Europa assets include: Aster of Poland (sold in September 2011), MobiFon (Romania, March 2005) and Oskar Mobile (Czech Republic, March 2005).