Providence Equity exits investment in Indonesian telecom firm KIN

Photo: KIN website

Global private equity firm Providence Equity Partners has announced that it will divest its entire stake in Indonesian telecom infrastructure firm PT Komet Infra Nusantara (KIN) to tower operator Profesional Telekomunikasi Indonesia (Protelindo).

Providence founded KIN in 2014 together with Indonesian infrastructure firm Nusantara Infrastructure, after buying into the latter’s subsidiary, Telekom Infranusantara.

In an official statement, it announced that Nusantara Infrastructure has also agreed to sell its stake in KIN to Protelindo. According to local media, Protelindo will buy 1.3 billion of KIN shares from Nusantara Infrastructure in a deal worth around Rp 1.05 trillion ($76.65 million).

KIN currently owns approximately 1,400 towers and more than 2,000 tenants.

Protelindo claims to be the largest independent owner and operator of towers for wireless operators in Indonesia. The company, whose primary business is leasing space at its multi-tenant towers for wireless operators, currently owns and operates over 14,500 towers in Indonesia. It is a subsidiary of listed tower owner and operator Sarana Menara Nusantara.

The divestment of KIN comes on the back of a busy 2017 for Providence Equity that focuses its investments in the media, communications, education and information industries.

Throughout the year, the PE firm made around 10 publicly known investments, including acquisitions of digital measurement firm DoubleVerify and the Baltic broadcasting business of Swedish media holding Modern Times Group (MTG).

Providence also sold its stake in London-based events and exhibits operator Clarion events, as well as in Soccer United Marketing, the TV and marketing arm of the US’ premier soccer league, Major League Soccer.

The company, headquartered in Rhode Island with offices in New York and London, has more than $54 billion in capital under management and has backed more than 160 companies since its inception in 1989.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.