The private equity fund, UFG Private Equity Fund I, acquired a 50%+1 stake in Industrial Media Network that operates a Kiev, Ukraine-based broadband Internet service provider under the IPNET name, reported business daily Kommersant. The deal could be valued at up to $10 million. The stake was acquired from FTH Corvette-Telecom that bought it for $5 million in 2007. The other owner of IPNET is Semantics Research.
IPNET, which was founded in 2002, serves more than 15 thousand subscribers in several suburbs in Kiev. IPNET plans to reach 20 thousand subscribers in Kiev by the end of 2008 and provide its services in the other Ukrainian cities. The largest broadband ISP in Kiev is Volia Cable that serves over 100,000 subscribers in the city and was acquired by Providence Equity Partners in 2007.
UFG recently sold its 50% stake in the publisher of weekly tabloid Zhizn and video news portal Life.ru for $80 million.