Atria Convergence Technologies, or more popularly known as ACT Fibernet, has been a big name in the industry when it comes to providing wired or fixed-line services in India. ACT Fibernet has had its services in some major cities of India, including Bangalore, Chennai and many more. In a new move, Partners Group, a global private markets firm, has acquired a controlling stake in ACT Fibernet. Partners Group, in a new press release, has informed that the company has now got a controlling stake in ACT, and it has been a joint venture in it since 2016. This new deal pegs the valuation of the broadband provider company at USD 1.2 billion.
ACT Fibernet to be Helped by New Acquisition
In its press notification, Partners Group remarked that ACT is a big name in the industry and boasts of having more than 7,000 employees under its umbrella. Further, it said that ACT has over 2 million subscribers in 19 cities of India. Provider of broadband, TV and other digital services, ACT high customer retention rates and delivers reliable broadband, strong uptime, and quality customer service, Partners Group noted. Manas Tandon, Managing Director, Private Equity, Partners Group, also said that the company had been a forerunner when it comes to the digital transformation of the country, courtesy of its millions of clients. Speaking about the latest acquisition, he said that the ACT is an excellent opportunity for the group to support the transformation of a growing business through expansion into new markets and the development of new product offerings.
Partners Group Already Has Many Investments in India
Bala Malladi, Chief Executive Officer, Atria Convergence Technologies, also added that Partners Group had been part of ACT’s journey for a long time now. He also added that its experience of working with global technology companies would be good for the multi-dimensional growth of ACT. It is worth noting that Partner Group is a global private markets firm that is also a shareholder in Vishal Mega Mart. The company boasts of having USD 119 billion in assets until June 2021. Its other businesses in India include Aavas Financiers and Ecom Express that is a leading logistics solution provider.