Providence tunes into India TV shopping
To trace the origins of Providence Equity Partners' latest India deal it is necessary to look back to the PE firm's INR3.58 billion (US$71.36 million) joint investment in Hathway Cable & Datacom in 2012. Providence and Macquarie acquired a 17.3% stake in the business from Mauritius-based Asian Cable Systems, a subsidiary of Rupert Murdoch's News Corporation, which also runs Asian broadcaster Star Group.
When Star Group started looking for a buyer for its 50% interest in Star CJ Network India - a joint venture set up in 2009 with Korea-based CJ O Shopping - Providence was able to leverage this prior relationship. ...
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