Partners Group, a major global private markets business, has agreed to buy Atria Convergence Technologies from Argan Limited and TA Associates on behalf of its clients. Atria Convergence Technologies is one of India’s top providers of high-speed fiber-optic broadband.
In a transaction valued at almost USD 1.2 billion, Partners Group, which has been a joint investor in the ACT since 2016, will acquire a controlling share in the firm.
“ACT is on the frontline of digitization in India, providing fast, reliable broadband to millions of homes in the country. The company is an excellent opportunity for us to support the transformation of a growing business through expansion into new markets and development of new product offerings,” Partners Group Managing Director (Private Equity) Manas Tandon said.
Vageesh Gupta, a member of the Partners Group’s management team, stated his excitement at ACT’s decision to partner with his firm, with the goal of growing ACT’s market share in new countries and client categories.
ACT is a prominent multi-service operator with over 7,000 workers based in Bangalore. It offers a package of internet, TV, data, and other broadband services.
The company has over 2 million wired internet users in 19 Indian cities and operates one of the country’s largest fibre networks, capable of offering connection speeds of up to 1 Gbps.
Customer retention is high at ACT, which provides dependable broadband, high uptime, and excellent customer service.
Since COVID-19, the firm has been ideally positioned to capitalize from India’s fast-growing data consumption, which has been driven by new working and learning from home trends.
Partners Group will collaborate closely with ACT management and TA Associates, who will retain a minority investment in the company, to develop a value generation strategy that will support the company’s continued development and commitment to the Digital India goal.
“Partners Group has been an integral part of the Company’s growth journey for several years and is a great believer and supporter of our core values. The firm’s experience working with global technology companies and its expertise in supporting multi-dimensional growth will be very valuable,” ACT CEO Bala Mlladi said.
Vishal Mega Mart, a franchisor of the Vishal Mega Mart brand and a wholesale supplier to Vishal-branded hypermarket shops, is another of Partners Group’s Indian ventures.
After Unity Digital, a telecom tower platform in the Philippines, and Eolo, Italy’s top fixed wireless access broadband provider, Partners Group has made three telecom investments this year.
