ODIDO acquired by APAX PARTNERS

Funds advised by Apax Partners agreed at the end of September 2026 to buy out the stake held by co-investor funds advised by Warburg Pincus in Odido Netherlands Holding, leaving Apax as the sole private equity shareholder of the Dutch telecom operator. The transaction valued the company at an enterprise value of €1–10bn, and was structured as a transfer of the Warburg Pincus funds’ shares to the Apax funds, subject to regulatory approvals and consultation of employee representatives. The two firms had owned Odido together since 2022, when they bought the business from Deutsche Telekom and Tele2. Over that period the operator rebranded from T-Mobile Netherlands to Odido, modernised its mobile network and secured access to a national fibre footprint. The buyout followed approaches for the company from other parties, including the Saudi state-backed group STC, and came after Odido shelved a planned flotation in Amsterdam earlier in the year. Chief executive Søren Abildgaard and the management team stayed in place, and Apax committed to remain a long-term owner, funding further investment in the network, in customer service and in the company’s digital inclusion work. Stibbe and Simpson Thacher & Bartlett advised Apax on the transaction.

It is worth noting that the company had completed several external growth operations, including Tele2 Nl (2017), before an LBO led by Apax Partners / Warburg Pincus in 2022.