Last week Horizon Capital, a Kyiv (Kiev)-based private equity fund manager, announced that it had increased its stake in Datagroup, a major Ukrainian independent telecom operator, from significant minority to over 70%. Horizon Capital will assume operational control of the company.
When contacted by Ukraine Digital News, the fund declined to disclose any further details.
An initial stake of 25-30% was acquired by Horizon Capital in exchange for $40 million in 2010, according to Ukrainian high tech blog AIN.UA.
With an eighty percent market share, Datagroup claims to be the leader in the segment of VSAT satellite communication in Ukraine and neighboring countries.
Horizon Capital originates and manages investments in mid-cap companies in Ukraine and the region. Currently, Horizon Capital manages three funds, Emerging Europe Growth Fund II, Emerging Europe Growth Fund and Western NIS Enterprise Fund, with over $600 million under management.
Last year Emerging Europe Growth Fund II invested in Rozetka.ua, a leading Ukrainian e-commerce company.
Sources: Horizon Capital, Datagroup, AIN.UA.