Signal Capital Partners, a London-based private equity fund, is set to acquire Primetel after the Cypriot telecommunications company was placed under administration.
According to an announcement by Primetel, Signal Capital Partners has been a shareholder and the primary funder of Primetel in the past five years.
The announcement said that Signal has funded the development of Primetel’s new mobile network and will continue to support the company’s operations and investment needs with confidence in its and its staff’s capabilities.
“Primetel will continue its strategic commitment to continuous development, investment in its network and exemplary expansion of the quality services it provides, offering its subscribers the best possible experience,” the announcement concluded.
Primetel was placed under administration on July 18, after it defaulted on a loan it acquired from Signal Capital Partners.
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Primetel placed under administration after defaulting on loan