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COBALT advises Mid Europa Partners on its sale of Bite

2015-12-28

A leading buyout investor focused on the growth markets of Central and Eastern Europe Mid Europa Partners is selling Bite telecommunications group in Lithuania and Latvia to the leading private equity firm Providence Equity Partners. COBALT Lithuania and Latvia advise the current owner of Bite Mid Europa Partners in the transaction. It is planned to complete the transaction by the first quarter of 2016.

Bite group in Lithuania and Latvia owns one of the largest mobile operators, providing high quality mobile and internet communication services to private and corporate customers and has over 1.58 million private and corporate customer base.

Frederick Hrenchuk, CEO of Bite commented: "With Mid Europa's support we have developed Bite into one of the most dynamic, high quality and customer oriented mobile operators in Europe. We are grateful for their strong commitment to Bite's long term strategy and look forward to further strengthening the business under the ownership of Providence."

Michelle Capiod, Partner of Mid Europa commented: "Combining strong leadership and execution, Frederick Hrenchuk and his team have focused on delivering an outstanding customer experience, which has proven to be a winning strategy for Bite. We would like to thank Bite management and employees for their outstanding achievements and wish them continued success as they embark on an exciting journey with their new owner."

Providence is a premier global asset management firm with $45 billion in assets under management across complementary private equity and credit businesses. Since the firm’s inception in 1989, Providence has invested in over 150 companies and became the leading equity investment firm focused on the media, communications, education and information industries.

COBALT conducted legal due diligence, together with the international law firm Freshfields Bruckhaus Deringer drafted transaction documents, provided other legal support to the client on all related matters.

From COBALT Lithuania the client is advised by Partner Elijus Burgis and Senior Associate Eva Suduiko. From COBALT Latvia - Partner Guntars Zile and Senior Associate Toms Sulmanis advise the client.