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Novator Partners Buys Majority Stake In Colombia’s Avantel

By  |  July 8, 2020

British private equity investment firm Novator Partners has bought a majority stake in Colombia’s Avantel and launched a restructuring of the business, the South American telecommunications company announced on Tuesday, July 8.

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    Avantel, which offers internet and mobile phone services, closed 2019 with 2.3 million clients, equivalent to around 3.5% of the 66.2 million service users in Colombia, according to statistics from the Andean country’s ministry of information, technology and communication, reported Reuters. 

    A value for the deal was not disclosed. Colombia’s mobile phone market is dominated by Claro, followed by Movistar, Tigo, Avantel, ETB, and Virgin.

    Full Content: Reuters

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