July 7, 2020 / 8:07 PM / a month ago

Novator Partners buys majority stake in Colombia's Avantel

BOGOTA, July 7 (Reuters) - British private equity investment firm Novator Partners has bought a majority stake in Colombia’s Avantel and launched a restructuring of the business, the South American telecommunications company said on Tuesday.

Avantel, which offers internet and mobile phone services, closed 2019 with 2.3 million clients, equivalent to around 3.5% of the 66.2 million service users in Colombia, according to statistics from the Andean country’s ministry of information, technology and communication.

A value for the deal was not disclosed.

Colombia’s mobile phone market is dominated by Claro, followed by Movistar, Tigo, Avantel, ETB and Virgin. (Reporting by Luis Jaime Acosta, Writing by Oliver Griffin editing by Jonathan Oatis)

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