The leading owner and operator of nationwide tower infrastructure in Poland.

Emitel offers business-critical services to TV and radio broadcasters and transmission services for mobile operators.


Tower operator in Poland


Terrestrial TV coverage


of Polish households used digital terrestrial TV as their primary source of TV at exit

A Montagu business

  • Poland’s no. 1 operator of nationwide tower infrastructure owning 377 of the most critical towers at the time of our investment
  • Provider of mission-critical services required for sustained terrestrial TV and radio signal emission and mobile coverage
  • Strong market dynamics in the regulation-driven shift of terrestrial TV from analogue to digital
  • Highly recurring revenue profile underpinned by long-term contracts
  • Carve-out situation with significant value creation potential


Supporting Emitel’s transformation

We supported Emitel in:

  • Driving digitisation of terrestrial TV and radio in Poland by upgrading and transforming the broadcasting infrastructure
  • Diversifying revenue streams and further monetising the infrastructure by expanding its offering into digital radio and transmission services for mobile operators
  • Expanding its customer base and securing new long-term contracts
  • Delivering on a holistic operational optimisation programme

Following successful execution of value-enhancing measures during our ownership, Emitel was sold in November 2013 during a competitive process to infrastructure investor Alinda Capital Partners.

Deal details

Year of entry


Year of exit






Industry Sector

Essential Services

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