Providence to Invest in Hathaway Cable & Datacom (Asia)

Source: VCCircle  |  Author: Madhav A. Chanchani

Private equity firm Providence Equity Partners will increase its stake in India-based cable broadband service provider Hathaway Cable & Datacom by jointly acquiring a 3.55 percent stake for INR1.5 billion (approximately US$25.2 million) with the Raheja Group, Hathaway Cable & Datacom’s promoter group. Providence will contribute INR1.1 billion (approximately US$18.5 million), with the balance invested by the Raheja Group. Other existing investors in Hathaway include Macquarie Bank, KAUP Capital’s Infrastructure India Holding Fund and Norwegian sovereign wealth fund Government Pension Fund Global. The company intends to use the funding to build its subscriber base and continue its digitization progress.