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26-Mar-2009
Buyouts Magazine, a leading publication covering the private equity industry, has named ECP the recipient of its 2009 Emerging Markets Deal of the Year Award for the investment in Starcomms. Starcomms is a leading mobile phone and data provider in Nigeria using CDMA technology. During ECP's three year holding period, Starcomms subscriber base grew 10-fold, becoming the fourth largest provider in the country. Despite difficult market conditions, Starcomms was successfully listed on the Nigerian Stock Exchange in June 2008, becoming the first telecom company to be quoted in Nigeria. The exit resulted in ECP receiving 2.9x invested capital.