Mergers and Acquistions News
Categories: Telecoms
November 18th 2008, 16:05PM
A new fund targeting investment in early and growth-stage telecoms and tech firms has secured €75 million (£63 million) in funding.
Nexit Ventures' product has secured backing from a range of firms including Finnish mobile phone giant Nokia.
Dubbed Nexit Infocom II, the fund is still seeking some additional investors and is expected to announce a final close early next year.
The project will offer initial investments of between €1 million and €5 million, with a maximum of €10 million being given to any one firm over the lifetime of the arrangement.
Michel Wendell, general partner at Nexit, said: "Our focus sector has a very strong outlook for the coming five to ten years and beyond, but is of course not immune to the current economic downturn."
Yesterday, Reuters reported that Emirates Telecommunications has $3 billion (£2 billion) in cash reserves and is looking to use some of this to acquire rival companies with a focus on India, the United Arab Emirates, Saudi Arabia and Egypt.
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