Providence Equity Partners has acquired the Baltic broadcasting units of Stockholm-listed MTG.

The transaction values the divested Estonian, Latvian and Lithuanian businesses at €115m, equivalent to 12x Ebit for the 2016 financial year.

MTG said that the sale reflects its ongoing transformation from traditional national broadcaster to “global digital entertainer”.

The key operations in the sale include the largest TV-channel portfolio in all three Baltic countries, subscription- and advertising-funded video streaming services, and the only direct-to-home platform services and the third largest pay-TV operator in the region.

“Lithuania, Latvia and Estonia are all among the fastest growing countries in the EU. The business-friendly environment combined with a highly skilled workforce makes the Baltics an exciting region for us,” said Providence managing director Robert Sudo.

Providence already owns Bite, a mobile operator in Lithuania and Latvia which it acquired last year.

The deal follows last month’s acquisition of European schools group NACE.

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