GMT Communications Partners has exited two investments, Media Publications and Mobifon. Media Publications has been sold to Marie Claire, part of Hachette-Filipacchi. GMT acquired a majority stake in Media Publications in 1996 and in the past three years has disposed of six non-core titles. The sale comprises six core media assets Votre Beauté, Mariages, Mariage au Carrousel, La Revue du Vin de France, Les Editions de la Revue du Vin de France and La Revue Vinicole Internationale.
GMT has also sold its 15.5% stake in Romanian GSM cellular mobile telephone company Mobifon to Telesystem International Wireless which is traded on the Toronto Stock Exchange and NASDAQ. The firm invested in the company in July 1998. Financial details on both transactions were undisclosed.
GMT also announced the acquisition of 65% of Docu Group, a business-to-business publishing company in the construction sector in Germany.
Jeffrey Montgomery, managing partner at GMT, said: “Both these exits have proved successful long term investments for GMT and our investors. GMT is continuing to see good quality mid-market deals and we will actively pursue those opportunities that, we believe, will provide the maximum return for our investors. It is also encouraging, from an exit perspective, to see corporate M&A activity both nationally and cross-border.”