The private equity firm Permira announced that it will repurchase the video software unit from the technology company Cisco, six years after selling it for USD 5 billion. Abe Peled, former CEO of the business, was named as President of the division.
Cisco’s clients in Latin America are pay TV operators, such as Claro in several countries, Net, Vivo and Oi in Brazil, Telecentro in Argentina, Tigo-Une in Colombia, Inter in Venezuela and Megacable in Mexico.
The board of directors of Cisco has already approved the agreement and the transaction would close in the first quarter of fiscal year 2019. It was reported that the division will change its name, although the new one has not yet been announced.
When asked by the press, Peled did not refer to the purchase price. However, specialized media indicate that it was for USD 1 billion, one fifth of the sale price in 2012.