The ongoing negotiations are in an advanced stage, sources said. They added that the investment fund is interested in entering this field in Eastern Europe, and are willing to invest "serious money in Romania." The deal is likely to be closed by the end of the summer, according to sources.
The 40 percent package of Blue Telecom is worth some €40 million, given that the investment fund estimates that the entire company is worth some €120 million.
Sources said the transaction was postponed to the end of summer because of a clause Chelu included in the contract, according to which CCC Blue Telecom must be listed on the stock exchange no more than two years following closure of the deal.
Chelu tried to list his company on the stock exchange in November 2006, but investors subscribed to only 9.46 percent of the shares in the initial public offering.
This May, Chelu sold a further 26.82 percent of the cable operator to the company Zorder Big SA.
CCC Blue Telecom currently ranks third on the cable TV market, in terms of market share, with 210,000 clients. Its main competitors are market leaders UPC and RCS&RDS. By the end of 2007, CCC Blue Telecom plans to provide Internet access to 80 percent of its network.
3i Group, founded 60 years ago, is currently expanding internationally. Its international assets accounted for 58 percent of total assets administered by 3i, compared to 37 percent in 2003.
Acquisitions
Earlier this year, the British investment fund purchased 49 percent of the Unirea Medical Center (CMU) from its founder, businessman Dr. Wargha Enayati. It also recently acquired 30 percent of Romprest, a company specialized in cleaning services. The fund's annual investments exceed €2.7 billion.
