Apax takes full control of Dutch telco Odido

• Dutch operator Odido had been co-owned by two private equity firms since 2022 
• Investment firm Apax Partners has now bought out its co-investor Warburg Pincus
• Apax has committed to being a long-term shareholder 

Apax Partners has taken full ownership of Dutch telco Odido (formerly T-Mobile Netherlands) by acquiring the stake of co-investor Warburg Pincus: The investment firms jointly acquired the telco in 2022 from Deutsche Telekom and Tele2 in a deal that valued the operator at €5.1bn. 

Apax has declined to share financial details of the latest transaction, but the Financial Times reported last month that a potential buyout deal was underway that valued Odido at €6.5bn. 

Odido is one of the largest operators in the Netherlands, with about 7 million mobile and 1 million fixed broadband customers. Its main rivals are national operator KPN and VodafoneZiggo: Liberty Global took full control of VodafoneZiggo after it bought out its fellow stakeholder Vodafone in a deal that was first announced in February and completed in August.

Apax’s buyout comes about eight months after various reports suggested that Apax and Warburg Pincus were looking to get a return on their investments by lining up an IPO for Odido, but that plan was abandoned due to a lack of interest from potential investors and general volatility in the communications services market. Only days later, news emerged of a major cyber breach of Odido’s IT systems that involved details related to 6 million of its customers. 

Now Apax is going it alone. Commenting on its decision to take full control of the operator, the investment firm noted: “Connectivity has become an indispensable part of society and the economy. The demand for data continues to grow, and digital services and AI are playing an increasingly significant role in how Dutch households and businesses live and work. Odido is well positioned to capitalise on these developments and continues to invest in its network and services. Following the completion of the transaction, Apax’s funds will remain committed to Odido as a long-term shareholder. In doing so, they support further investments in the network, the customer experience, and initiatives that contribute to digital inclusion.” 

Apax partner Gabriele Cipparrone noted: “We know Odido inside out and have great confidence in the company’s continued growth. Over the past four years, Odido has developed into a strong, independent telecom provider with an excellent team and a clear focus on the customer. Warburg Pincus has been a valuable partner during this period. We would like to thank them for their contribution to everything Odido has achieved. We look forward to continuing to support Odido and its management in the next phase, with further investments in the network, security and services for customers throughout the Netherlands.”

- Ray Le Maistre, Editorial Director, TelecomTV