Why Is Partners Group Buying 75% Stake In ACT Fibernet?

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Partners Group is acquiring a 75 percent stake in Atria Convergence Technologies (ACT Fibernet). The company is likely to pay Rs. 6,750 crores to Bengaluru-headquartered wired broadband player ACT Fibernet for buying the stake.

 
Why Is Partners Group Buying 75% Stake In ACT Fibernet?

TA Associates And Argan Divesting Stakes In ACT Fibernet

Notably, TA Associates and Mauritius-registered investment firm Argan announced that they are divesting their stake in ACT Fibernet. The firms have also signed an agreement with Partners Group.

"We believe ACT will continue to benefit from the tailwinds of rising data consumption and are excited to continue our partnership with the management team in the next phase of the company's journey alongside Partners Group," TA's Managing Director Dhiraj Poddar said.

Meanwhile, ET reported that so far, Power Group has made two investments in India. The company invested in AU Housing Finance in 2016 and Vishal Mega Marti. ACT Fibernet has close to 7,000 employees and providing its services to 20 lakh customers in 19 cities.

"With a sustained focus on customer experience through passionate teams and operational excellence, we have fostered work from home, learn from home seamlessly during the recent past, reiterating our promise to our loyal customer base," ACT's chief executive Bala Malladi said.

This deal is expected to help ACT Fibernet to increase its presence in the country as the competition has been increased in the broadband sector.

ACT Fibernet Partners With Telangana Government For Public Wi-Fi Hotspots

This development comes soon after Telangana Government joined hands with ACT Fibernet for 3,000 public Wi-Fi hotspots in Hyderabad. It is important to mention that the pandemic has increased the adoption of the internet in the country.

The availability of Wi-Fi hotspots will allow people to use the internet. After this launch, Hyderabad has become the first city that has deployed a Wi-Fi network. However, to access the Wi-Fi hotspots, users have to use their phone numbers. The users will get internet for 45 minutes along with 25Mbps.

 

In addition, users are allowed to top-up with Rs. 25, where they will get 2GB of data and 25Mbps speed for only one hour. The second plan of Rs. 50 offers 4GB of data and 25 Mbps speed for only three hours.

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