RNS Number : 0378L
Apax Global Alpha Limited
08 September 2021
Apax Global Alpha Limited
Funds advised by Apax and Warburg Pincus to acquire T-Mobile
On 7 September 2021, the Apax X Fund ("Apax X"), in which AGA is
a limited partner, announced that it had signed, in consortium with
Warburg Pincus LLP ("Warburg Pincus"), a definitive agreement to
acquire T-Mobile Netherlands Holding B.V. ("T-Mobile"), a leading
European telecommunications operator. The transaction is subject to
customary closing conditions, including consultation with employee
representatives, and regulatory approvals.
On a look through basis, AGA is expected to invest approximately
EUR22m in T-Mobile. Note that this figure relates to AGA's look
through position of Apax X's overall investment in T-Mobile and is
stated before taking into account any closing adjustments and
translated based on the latest exchange rates available where
applicable  .
T-Mobile, which operates four brands - T-Mobile, Tele2, Ben, and
Simpel - is a leading European telecommunications operator. Under
the current management team, the company has become the leading
mobile network operator in the Netherlands and the first to offer
unlimited and nationwide 5G, as well as becoming the fastest
growing operator in the fixed broadband market serving around
700,000 broadband customers at the end of Q2 2021.
Funds advised by Apax and Warburg Pincus have long-standing
experience and strong track-records in the Communications Services
and broader Telecommunication, Media, and Technology ("TMT")
sector, having invested in companies globally, including in Salt
(Apax), Wind Telecom (Apax), TDC (Apax), Ziggo (Warburg Pincus),
Inexio (Warburg Pincus) and Community Fibre (Warburg Pincus). The
two firms have also worked closely together since 2019 when their
respective funds jointly invested in Inmarsat, a mobility-focused
satellite operator focused on maritime, aviation and government
Under the new ownership, T-Mobile will become an independent
Dutch company and Apax and Warburg Pincus will look to partner with
the management team to support the company as it continues to focus
on innovation and growing its already impressive customer base.
AGA, whose shares are listed on the London Stock Exchange,
provides investors with access to a diversified portfolio of
private equity funds advised by Apax, as well as a focused
portfolio of debt and equity investments ("Derived Investments").
In July 2019, AGA made a commitment of c.$450m(2) to Apax X.
For more information about the transaction, please visit:
Investor Relations - AGA
T: +44 207 872 6526
1 Based on Bloomberg closing rate of EUR/USD FX rate on 6
. September 2021 of 1.1870
2. AGA's commitment in Apax X of c$450m represents a commitment
of $225m in the USD tranche and EUR199.8m in the euro tranche
1. Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax". or "the
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations
(EU) NO. 596/2014 ("MAR").
3. This announcement is not for release, publication or distribution,
directly or indirectly, in whole or in part, into or within
the United States or to "US persons" (as defined in Regulation
S under the United States Securities Act of 1933, as amended
(the "Securities Act")) or into or within Australia, Canada,
South Africa or Japan. Recipients of this announcement in jurisdictions
outside the UK should inform themselves about and observe any
applicable legal requirements in their jurisdictions. In particular,
the distribution of the announcement may be restricted by law
in certain jurisdictions.
4. The information presented herein is not an offer for sale within
the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and
will not be registered under the US Investment Company Act
of 1940, as amended (the "Investment Company Act"). In addition,
AGA's shares (the "Shares") have not been and will not be registered
under the Securities Act or any other applicable law of the
United States. Consequently, the Shares may not be offered
or sold or otherwise transferred within the United States,
or to, or for the account or benefit of, US Persons, except
pursuant to an exemption from the registration requirements
of the Securities Act and under circumstances which will not
require AGA to register under the Investment Company Act. No
public offering of the Shares is being made in the United States.
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate",
"aim", "forecast", "project" and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among
other things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and
the environment in which AGA will operate in the future. Forward-looking
statements involve inherent known and unknown risks, uncertainties
and contingencies because they relate to events and depend
on circumstances that may or may not occur in the future and
may cause the actual results, performance or achievements of
AGA to be materially different from those expressed or implied
by such forward looking statements. Many of these risks and
uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of regulators and other factors such as AGA's ability
to continue to obtain financing to meet its liquidity needs,
changes in the political, social and regulatory framework in
which AGA operates or in economic or technological trends or
conditions. Past performance should not be taken as an indication
or guarantee of future results, and no representation or warranty,
express or implied, is made regarding future performance. AGA
expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements
to reflect any change in AGA's expectations with regard thereto
or any change in events, conditions or circumstances on which
any statement is based after the date of this announcement,
or to update or to keep current any other information contained
in this announcement. Accordingly, undue reliance should not
be placed on the forward-looking statements, which speak only
as of the date of this announcement.
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment
scheme incorporated as a non-cellular company that listed on the
London Stock Exchange on 15 June 2015. It is regulated by the
Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital
appreciation from its investment portfolio and regular dividends.
The Company is targeting an annualised Total Return, across
economic cycles, of 12-15% (net of fees and expenses) including a
dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity
investments in funds advised by Apax ("Apax Funds"), and Derived
Investments which are investments in equities and debt derived from
the insights gained via Apax's Private Equity activities.
Further information regarding the Company and its publications
are available on the Company's website at
Apax Partners LLP ("Apax") is a leading global private equity
advisory firm. For nearly 50 years, Apax has worked to inspire
growth and ideas that transform businesses. The firm has raised and
advised funds with aggregate commitments of more than $60 billion.
The Apax Funds invest in companies across four global sectors of
Tech, Services, Healthcare and Internet/Consumer. These funds
provide long-term equity financing to build and strengthen
world-class companies. For further information about Apax, please
visit www.apax.com .
Apax is authorised and regulated by the Financial Conduct
Authority in the UK.
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(END) Dow Jones Newswires
September 08, 2021 02:00 ET (06:00 GMT)
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