Carlyle Group takes control of Telecable
Asset management firm The Carlyle Group is taking control of Spanish operator Telecable de Asturias in a deal that values the firm at €400 million.
Carlyle is acquiring an 85% stake in Telecable, which offers TV, telephone and broadband services to 156,000 subscribers in Spain’s Asturias region. The operator is Carlyle’s fourth investment in Spain, and equity is provided by the firm’s Europe Partners III investment fund, which commands a pot of €5.3 billion.
Existing investor Liberbank retains a minority stake in Telecable, a move that Carlyle’s European buyout chief Alex Wagenberg says will maintain the localized character of the operator, “which we believe is one of the keys to its current and future success.”
Telecable chief Alejandro Martínez Peón says the investment will allow the firm “to enhance our offerings,” and “deliver innovative technologies.”