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GMT Communications Partners completes sale of Steleus to Tekelec | October 2004


London, 14 October, 2004 – GMT Communications Partners (“GMT”), the leading European private equity fund focused on the media and telecommunications sectors, announced today that its portfolio company Steleus Group, Inc (“Steleus”) has been sold to Tekelec (NASDAQ:TKLC) for $57 million in cash.


Steleus, based in Westford, MA and Lyon, France, designs, develops and delivers “best of breed” operations support systems (“OSS”) software solutions to telecommunications operators around the world.  Steleus specializes in real-time performance management tools that supply network-related intelligence to telecoms operators.  GMT originally invested in Steleus in July 2000 to support Steleus as it consolidated its position as a leader in the global OSS market.  GMT co-led Steleus’ last two rounds of capital raising in 2000 and 2001.


Headquartered in Calabasas, CA, Tekelec, a leading global supplier of telecommunications products for next-generation fixed, mobile and packet networks, is purchasing Steleus to advance its network and service performance management capabilities, enhance its applications portfolio and extend the company’s global reach.


Terrence Tehranian, Managing Partner at GMT, said: “We are delighted with this transaction.  The Steleus sale demonstrates a successful long-term outcome for our portfolio and our investors.  It also confirms our view that, even in difficult economic conditions, well-run telecoms software companies can provide attractive cash returns for discerning investors.  Steleus had GMT’s financial support during a severe telecoms shakeout, and we developed excellent shareholder/manager relations with the Steleus team over the last four years.   We wish management and employees every success as part of Tekelec.”



For more information please contact:


GMT Communication Partners:
Jeff Montgomery, London +44 (0)20 7292 9360


Notes to Editors:

About GMT Communications Partners:
GMT Communications Partners Limited is Europe’s largest independent private equity group focused exclusively on the communications sector, having actively invested in the European marketplace for the past decade.  GMT’s founders created the first pan-European fund focused on the media and telecommunications sectors, Baring Communications Equity, in 1992 with the backing of investment banks ING Barings and CEA.  Since that time, GMT has completed 24 investments across 12 countries and has managed a series of successful funds comprising €500 million of capital.  The GMT team has been instrumental in organizing syndicated portfolio financings – including equity and debt – with a total value in excess of €3.5 billion.  GMT closed its latest private equity fund of €365 million at the end of 2000, from which it is still actively investing.