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Ventura tables $54m bid for Mexico’s Maxcom Telecomunicaciones

6 Dec 2012

Mexican private equity firm Ventura Capital has made an MXN700m ($54.2m) offer for phone, internet and TV provider Maxcom Telecomunicaciones.

A filing with the US Securities and Exchange Commission said more than 44 per cent of the company’s shareholders had agreed a sale to Ventura at the offer price.

The deal will provide Maxcom with a capital increase of at least $22m to help it compete with rival America Movil, which is owned by billionaire Carlos Slim.

A statement from Venture Capital’s Enrique Castillo and Javier Molinar said, “We believe that Maxcom has significant potential to continue growing and gaining market share in Mexico.

“With a stronger balance sheet as a result of the potential debt exchange and capitalization, we plan to position the company as a leading niche telecommunications provider in the country.”

Mexico is a growing area for private equity firms as they look to gain better deals than the ones on offer in an increasingly competitive Brazilian market.

In October Alta Growth Capital banked $50m of commitments for its second Mexican PE fund, while in August Alta Ventures Mexico reached a $70m final close for its debut investment fund.

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