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Mergers & acquisitions

Providence Buys Idea Stake

PROVIDENCE, R.I. -- Providence Equity Partners Inc. announced today that it has acquired an approximately 15% equity stake in Idea Cellular Limited, a company promoted by the Aditya Birla Group. Terms of the transaction were not disclosed.

Idea is a leading wireless operator in India with over 10 million subscribers, and operations in eleven of the country’s major markets. The Company is among the top 5 cellular service providers in India by revenue, and among the top 3 within its current markets, providing service to 58% of India's total telephony market. In addition to its cellular services, Idea provides several innovative value added services.

“We are pleased to invest with the Aditya Birla Group in Idea, an exceptionally strong, well managed company in the world’s fastest growing wireless market,” said Bis Subramanian, Managing Director of Providence Equity Partners. “We look forward to our relationship with the Aditya Birla Group and management to support the company’s growth and leadership.”

Providence Equity Partners

Idea Cellular Ltd.

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