The European Bank for Reconstruction and Development (EBRD) has completed its exit from Romanian telecommunications group Digi Communications (BVB: DIGI), following the sale of its remaining stake in the company, the bank announced.

The EBRD exited as Digi continues to expand its regional telecommunications operations following its international growth and the listing of its Spanish subsidiary.

The EBRD sold shares representing 1.21% of Digi’s total share capital on September 3, completing a divestment process that included partial sales in 2024, 2025 and 2026.

The bank initially acquired a 3.25% stake in Digi in 2017 through the company’s initial public offering (IPO) on the Bucharest Stock Exchange. The investment supported one of Romania’s largest private-sector IPOs and Digi’s transition to a listed company, according to the EBRD.

Digi’s market capitalisation stood at RON18bn (€3.4bn) on September 3, after its shares gained 117% over the previous 12 months.

The EBRD said its investment also contributed to improved stock liquidity and the development of the Bucharest Stock Exchange, which was promoted to FTSE Secondary Emerging Market status in 2020.

During the EBRD’s holding period, Digi consolidated its position in Romania and reached its target of a 25% free float on the Bucharest Stock Exchange.

The telecommunications group has also expanded internationally and now operates in Spain, Italy, Portugal and Belgium. Its Spanish subsidiary recently completed an IPO, attracting strong demand from domestic and international institutional investors.

Digi provides pay-TV, fixed and mobile internet and data, fixed-line and mobile telephony, and fibre connectivity across its five markets.