Eltel Networks was formed when a utility company decided to "spin off" its construction and maintenance operation because it was not core to the utility's business. Eltel saw the opportunity to turn this around and make an efficient business with construction and maintenance services as its core.

IVO Transmission Engineering was Fortum Corporation's independent profit centre, the main products of which were turnkey and partial deliveries relating to power transmission and distribution networks, operational control and other telecommunications applications, construction of mobile base stations, masts and railway electrification, and consulting.

At the end of 2004, Eltel was acquired by a Swedish equity fund, Industri Kapital, and operations were merged with the fund's Swedia Networks holdings. The next two years saw rapid revenue growth as Eltel Networks advanced to become one of the largest network services companies in Northern Europe. The company is well-positioned for the next phase of growth - just in time to capitalize on the opportunities in Continental Europe's electricity and telecom sectors.

From August 2007 Eltel Networks has a new owner. Based in London, 3i is an international private equity firm operating in a number of offices across Europe, Asia and North Amecica. 3i has holdings in many service businesses, and the understanding of how to develop these businesses. 3i has a simple goal - to build Eltel into the European leader.

3i is an international leader in private equity. We focus on buyouts, growth capital, infrastructure and quoted private equity and invest across Europe, North America and Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value we deliver to our portfolio and shareholders. http://www.3i.com