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News Feb 22, 2016

Shearman and Sterling Advises GMT and Fellow Shareholders on the Sale of Melita to Apax France and Fortino Capital

Shearman & Sterling advised GMT Communications Partners and fellow shareholders on the sale of Melita Plc to Apax France and Fortino Capital.

Melita is the leading quadruple play service provider in Malta and one of the first of its kind in Europe. Melita services both residential and business customers, covering 99 per cent of Malta's households and dwellings, and has more than 110,000 unique subscribers. EBITDA has grown from €16 million at the date of acquisition, to over €31 million at exit. 

GMT and their co-investors M/C Partners, Gasan Group and Blackrock Communications acquired Melita from Liberty Global in 2007. During the course of GMT's ownership, Melita evolved from a pay-TV-centric cable operator into one of Europe's first fully integrated quadruple-play operators, with market leading positions in broadband and pay-TV and a fast growing market share in mobile, a service launched by the company in 2009.

Founded in 1993, GMT is an established private equity group dedicated to providing buyout and development capital to European mid-market businesses that are creating, delivering and/or monetising the digital economy.

The Shearman & Sterling team advising on the transaction was led by partner Simon Burrows who was supported by partner Mark Soundy and associates Tessa Parkes and Joe Bradley (all London-M&A).