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.