Key Takeaways
- • Apax-advised funds agreed to acquire Warburg Pincus's stake in Odido Netherlands Holding B.V., the Dutch mobile and broadband operator the two firms bought together in 2022 from Deutsche Telekom and Tele2, with the agreement announced October 16, 2026 by Odido, Apax and Warburg Pincus.
- • Financial terms were not disclosed; the Financial Times had reported in September that a deal would value Odido at about €6.5 billion, a company valuation rather than a disclosed price for Warburg's stake.
- • The transaction is subject to customary closing conditions, including regulatory approvals and consultation with employee representatives, so the closing date remains uncertain.
- • The deal is a sponsor-to-sponsor exit within an existing co-investment, giving Warburg liquidity while Apax deepens its position in an asset it already controls jointly, without an auction or IPO.
- • Key open questions for allocators are the price Apax is paying and how the buyout is being financed, details expected in Apax fund reporting and any Odido debt-market activity.
Summary
Funds advised by Apax Partners have agreed to acquire the shareholding of co-investor Warburg Pincus in Odido Netherlands Holding B.V., the Dutch mobile and broadband operator, according to HedgeCo.Net. The agreement was announced on October 16, 2026 by Odido, Apax and Warburg Pincus. The two firms bought Odido together in 2022 from Deutsche Telekom and Tele2. Financial terms were not disclosed.
The transaction is subject to customary closing conditions, including regulatory approvals and consultation with employee representatives. Upon completion, Apax-advised funds will continue to back the company as what the announcement described as a committed, long-term owner, supporting investment in the network, customer service and security. The Financial Times had reported in September that a deal would value Odido at about €6.5 billion. That figure is a company valuation reported by the newspaper and is not a disclosed price for Warburg's stake.
Since the 2022 carve-out, Odido has separated from Deutsche Telekom, rebranded, modernized its nationwide 5G network and gained access to what it describes as the largest fiber footprint in the Netherlands. Apax partner Gabriele Cipparrone said the firm knows the business intimately and has high conviction in its growth. Warburg Pincus managing director Max Fowinkel pointed to the operator's separation and network upgrade as the core of the value-creation story.
For limited partners, the deal illustrates a sponsor-to-sponsor exit within an existing club: one co-owner gains liquidity on its own fund timeline while the other increases exposure to an asset it already controls jointly, without a full auction or IPO. The transaction also concentrates a larger single-asset position in Apax's funds, which investors in those vehicles will weigh against the firm's stated conviction.
The principal open questions are price and leverage. Neither side has disclosed what Apax is paying or how the stake purchase is being financed, and the regulatory and works-council steps leave the closing date uncertain. Allocators tracking European telecom and fiber infrastructure will look for these details in Apax fund reporting and in any debt-market activity tied to Odido.
The transaction is subject to customary closing conditions, including regulatory approvals and consultation with employee representatives. Upon completion, Apax-advised funds will continue to back the company as what the announcement described as a committed, long-term owner, supporting investment in the network, customer service and security. The Financial Times had reported in September that a deal would value Odido at about €6.5 billion. That figure is a company valuation reported by the newspaper and is not a disclosed price for Warburg's stake.
Since the 2022 carve-out, Odido has separated from Deutsche Telekom, rebranded, modernized its nationwide 5G network and gained access to what it describes as the largest fiber footprint in the Netherlands. Apax partner Gabriele Cipparrone said the firm knows the business intimately and has high conviction in its growth. Warburg Pincus managing director Max Fowinkel pointed to the operator's separation and network upgrade as the core of the value-creation story.
For limited partners, the deal illustrates a sponsor-to-sponsor exit within an existing club: one co-owner gains liquidity on its own fund timeline while the other increases exposure to an asset it already controls jointly, without a full auction or IPO. The transaction also concentrates a larger single-asset position in Apax's funds, which investors in those vehicles will weigh against the firm's stated conviction.
The principal open questions are price and leverage. Neither side has disclosed what Apax is paying or how the stake purchase is being financed, and the regulatory and works-council steps leave the closing date uncertain. Allocators tracking European telecom and fiber infrastructure will look for these details in Apax fund reporting and in any debt-market activity tied to Odido.
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