Novator Partners completed the acquisition of a majority stake in Avantel from Appaloosa and Discovery Capital.

Novator Partners, a British private equity investment firm, completed the acquisition of a majority stake in Avantel, a Columbian internet and mobile phone services provider, from Appaloosa, an American hedge fund, and Discovery Capital, a venture capital firm. Financial terms were not disclosed. Avantel, which offers internet and mobile phone services, closed 2019 with 2.3m clients, equivalent to around 3.5% of the 66.2m service users in Colombia, according to statistics from the Andean country’s ministry of information, technology and communication.