HedgeCo.Net — 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 the two firms bought together in 2022 from Deutsche Telekom and Tele2. The agreement was announced on October 16, 2026, by Odido, Apax and Warburg Pincus. Financial terms were not disclosed.
The transaction is subject to customary closing conditions, including regulatory approvals and consultation with employee representatives. On completion, Apax-advised funds will continue to back the company as what the announcement called 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, 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, while 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 is a clean example of a sponsor-to-sponsor exit inside an existing club. One co-owner gets liquidity on its own fund timeline while the other doubles down on an asset it already controls jointly, without the need for a full auction or an IPO. It 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 open questions are price and leverage. Neither side disclosed what Apax is paying or how the buyout of the stake 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 those details in Apax fund reporting and any debt-market activity tied to Odido.