In early 2003 Mid Europa acquired Karneval, which resulted from the acquisition and integration by TES Media of Intercable CZ. At the time of exit Karneval was the second largest cable TV operator in the Czech Republic. The company was providing bundled services of cable TV and internet to over 250,000 subscribers, with nearly 500,000 homes passed of which circa 380,000 homes had been upgraded for return path.

In November 2004, Karneval successfully completed a recapitalisation resulting in a return of a significant portion of the initial investment.

The sale of Fund I's investment in Karneval was agreed in August 2006 with Unite Holdco III B.V., a company jointly owned by Deutsche Bank AG London and JPMorgan. Deutsche Bank and JPMorgan have entered into an agreement with an affiliate of Liberty Global, Inc. for the on-sale of the business.

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