Marguerite, a pan-European infrastructure investor, has completed its investment in SWAN, an independent telecommunications operator in Slovakia, via Marguerite III fund. The transaction was signed in December 2023 and received a clearance from the Slovak competition authority earlier this year.

SWAN is a telecommunications operator headquartered in Bratislava (Slovakia) and provides fixed and mobile telecommunications services to corporate and retail customers nationwide. Thanks to strong organic growth and successive mergers, it has developed into the largest alternative telecommunication operator in the country.

Marguerite acquired a substantial minority stake in SWAN via a capital increase of EUR 50 M – with the option to increase its commitment and stake – to provide SWAN with the necessary funds to implement an ambitious growth plan, notably focusing on deploying and enhancing its infrastructure, including expanding a state-of-the-art 5G network.

Marguerite’s decision to invest in SWAN reflects confidence in the operator’s management team to leverage the operational efficiency of its diverse and long-standing customer base and favourable market fundamentals of the Slovak telecommunication sector driven by increasing data connectivity needs amid global digitalisation trends.

Commenting on the investment, Michael Dedieu, Managing Partner at Marguerite, said: “We are delighted to sign another investment in the digital sector through a proprietary transaction and to provide funding to accelerate the company’s development. This strategic investment further illustrates Marguerite’s commitment to supporting the expansion of telecommunication companies using resilient and sustainable technologies, such as 5G and fibre. We look forward to working closely with SWAN’s management and bringing Marguerite’s long-standing expertise in the digital sector to achieve mutual success and contribute to the region’s technological advancement.”

“Entry of the new strategic investor brings fresh energy into the company. It also provides a significant advantage for future development in new technology extensions, like 5G and fibre networks, and enables a path to another wave of market consolidations. SWAN has come a long way and has significantly contributed to the consolidation of the Slovak telecommunications market by acquiring over 20 providers over the past two decades. Thanks to the new partnership, we will be able to continue our well-proven strategy,” said Roman Vavrík, CEO of SWAN.

Marguerite was advised by Allen&Overy (legal), EY (M&A), Analysys Mason (technical and commercial), KPMG (financial and tax) and Willis Tower Watson (insurance).