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Mid Europa Partners to acquire TDC's Baltic mobile subsidiary Bité

19 January 2007

Mid Europa Partners announced today that it has agreed to acquire 100% of Baltic mobile operator Bité from TDC.

Bité is the number two mobile operator in Lithuania according to revenue and the number three operator in Latvia with a total of almost 2 million subscribers.

Bité is one of the fastest growing mobile telephone companies in Europe generating an annual revenue growth rate of 20% over the past two years. Bité is a leading operator in Lithuania with a 30% market share of the mobile market based on revenues and it has successfully developed its Latvian business since its launch in September 2005. Mid Europa is committed to the continued development of Bité via further significant capital expenditures in 3G and HSDPA roll-out in both countries.

Craig Butcher, Partner of Mid Europa, said: "We are delighted to acquire this high quality asset in what has been a highly competitive process. It represents our first investment in both Lithuania and Latvia, the fastest growing economies of the EU, and our fifth investment in mobile GSM. Mid Europa's strategy for Bité is to leverage our strong track record and established relationships in the mobile telecommunications sector to add significant value to Bité as it seeks to consolidate its already strong market position in Lithuania and expands in Latvia.  This transaction, executed by Barna Papay, Cezary Pietrasik and Matthew Strassberg, demonstrates our capacity to implement complex transactions seamlessly across our office network. We look forward to working with management to support their development plans for the business."

Maarten van Engeland, CEO of Bité, said: "Bité has experienced rapid growth over the last three years and we are looking forward to working with Mid Europa to reach our next stage of development."

Matthew Strassberg, Director of Mid Europa, said: "We have received very strong interest from a number of debt financing parties interested in supporting, through innovative structures, this investment, which will rank as the largest buyout in the Baltics and among the largest in Central Europe." 

Mid Europa was delighted to be supported in this transaction by Bruno Ducharme, former President and CEO of Telesystem International Wireless ("TIW"), and looks forward to his continued involvement on the company's board. CA IB Corporate Finance (part of UniCredit Markets and Investment Banking) acted as exclusive financial advisor to Mid Europa Partners and White & Case as its legal counsel on this transaction.

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