A PYMNTS Company

Novator Partners Buys Majority Stake In Colombia’s Avantel

 |  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.

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

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.