Harbinger Capital Partners to Acquire 25% of Augere Holdings for US$50 Million
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Brings together industry leaders to accelerate expansion of broadband Internet services in emerging markets
NEW YORK--(BUSINESS WIRE)-- Harbinger Capital Partners announces today it has acquired 25% of the Class A shares of Augere Holdings (Netherlands) B.V. ("Augere") pursuant to an investment agreement to invest up to US$50 million, reinforcing Harbinger Capital Partners' commitment to the broadband sector in all types of markets.
Combining Augere's global telecommunications experience and strong local partnerships with Harbinger Capital Partners' expertise will provide not only affordable broadband services to under-served consumers and communities in emerging markets, but also stimulate job growth, create new business sectors and provide opportunities for the next generation of entrepreneurs.
"Harbinger Capital Partners' investment in Augere offers a unique opportunity to join with a world class executive team, led by Sanjiv Ahuja, in bringing next generation wireless broadband solutions to emerging markets around the world," said Harbinger Capital Partners' Senior Managing Director Philip A. Falcone.
Augere provides fast, reliable broadband Internet service to emerging markets using Wimax technology. Augere currently has access to wireless spectrum in Pakistan, Bangladesh and Uganda. Licenses are also being actively pursued in countries across Africa, South Asia and Southeast Asia. Augere launched its first commercial network in Pakistan in July 2009, to be closely followed by Bangladesh.
"Philip and the team at Harbinger understand the technology, scope and vision required to make broadband an engine of opportunity for the developing world," said Sanjiv Ahuja, Augere's founder and chief executive officer.
Prior to founding Augere, Mr. Ahuja was Chief Executive Officer of France Telecom's global mobile business, Orange. During his tenure at Orange, Mr. Ahuja doubled its subscriber base to 100 million subscribers. Before running Orange, he was Chief Executive Officer of Comstellar Technologies, President of Telcorida Technologies (formerly Belcore) and held several leadership positions at IBM where he began his career in 1979.
About Augere Holdings
Augere Holdings (Netherlands) B.V. was established in September 2007 by an experienced team of global telecommunications executives with the vision of delivering "broadband for all." Augere's mission is to bring broadband Internet to the 80 percent of the world's population where it is currently out of reach. It's committed to achieving this through the delivery of fast, reliable broadband Internet services in emerging markets. By bringing wireless broadband to these areas where fixed line access is limited, Augere aims to provide significant returns while assisting in the social and economic development of under-served communities. For more information visit www.augereholdings.com
About Harbinger Capital Partners
Harbinger Capital Partners was founded in 2001 and is led by its Co-Founder and Chief Investment Officer, Philip A. Falcone, who has over 20 years of investment experience across an array of market cycles. The Harbinger team is disciplined and value oriented, focusing on alpha generating ideas that are uncorrelated to investment cycles. The firm combines a flexible, innovative approach to uncovering opportunity with a thorough investment process. Each investment undergoes rigorous fundamental research, extensive vetting, and seeks an identifiable catalyst for value realization. Harbinger regards risk management as a critical component of the investment process and actively manages risk at three levels: portfolio, position and operations. The firm offers several strategies which emphasize different opportunities, each based on the same time-tested fundamental investment and risk management processes.
Source: Harbinger Capital Partners
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