Idea Cellular Sells Stakes

Providence Equity Partners and TA Associates have acquired minority stakes in Idea Cellular Ltd., a provider of wireless communications services in < ?xml:namespace prefix = st1 />India. Each deal was transacted separately. No financial terms were disclosed, but a source close to Providence says that it paid $400 million for a 15% position. TA would not disclose specific numbers, except that it acquired a slightly smaller stake than did Providence. Idea Cellular’s largest shareholder is the Aditya Birla Group.