Apax Partners has announced it has struck an agreement to acquire the stake of co-investor Warburg Pincus in Dutch telecoms operator Odido Netherlands Holding B.V.

The transaction would see Apax complete a takeover of Odido.

Financial terms of the deal were not disclosed.

Odido serves around eight million subscribers in the Netherlands. The company was formerly known as T-Mobile Netherlands.

Apax and Warburg Pincus have been shareholders in Odido since 2022, when they acquired the business from Deutsche Telekom and Tele2.

Since then, Odido has been building out its fiber network across the Netherlands, the largest in the country, while also expanding its mobile coverage through its 5G rollout.

“Odido is a business we know intimately and have high conviction in its future growth. Over the past four years, it has become a strong, standalone operator with an excellent team and a clear focus on its customers. Warburg Pincus has been an outstanding partner throughout, and we thank them for their part in all that Odido has achieved,” said Gabriele Cipparrone, partner at Apax.

“We are pleased to continue backing Odido and its management through its next phase, supporting ongoing investment in its network, its security, and its service to customers across the Netherlands.”

“Together with Apax and an exceptional management team, Odido has successfully separated from Deutsche Telekom, modernized its nationwide 5G network, launched a distinctive new brand and established itself as a leading operator in the Dutch market,” added Max Fowinkel, managing director and head of European technology and telecommunications, Warburg Pincus.

Apax didn’t specify a completion date, though it noted the deal requires regulatory approval.