US private equity firm SV Investment Partners has appointed Michael Armstrong, who was responsible for takeovers totalling $112bn (€84bn) during his time as chief executive of telephone group AT&T, as its chairman.

Armstrong joined the executive advisory board at SV Investment Partners, formerly known as Schroder Ventures US, in 2003 and will now become a partner taking on the roles of identifying acquisitions and helping to run those companies in which SV invests.