aA
East Capital Explorer's direct investment Starman, the leading cable TV and broadband internet service provider in Estonia, has signed an agreement to acquire 100 percent of Lithuanian Cgates for a total enterprise value of EUR 56.3 million.
Sweden's East Capital Explorer acquires majority holding in Lithuania's Cgates
© Shutterstock nuotr.

In connection with this transaction East Capital Explorer will make an additional investment of approximately EUR 23 million in Starman, increasing its ownership from 51 to up to 62 percent, GlobeNewswire reports.

"The add-on investment in Starman, which now becomes our largest direct investment, is a further step in our strategic path towards a more streamlined portfolio of private equity and real estate holdings. As a stand-alone investment, Starman has constantly exceeded expectations regarding profitability and cash flow. Ever since we acquired the company in May 2013 we have looked at opportunities to create additional value through taking an active role in consolidation of the Baltic cable TV market. We are confident that Cgates is the right partner for Starman," says Mia Jurke, CEO of East Capital Explorer.

Cgates is Lithuania's leading cable TV and broadband internet provider with a network covering 300,000 households in 12 cities. The company's revenues in 2013 amounted to EUR 15.2 million with an EBITDA margin of 44.7 percent.

Elta EN
It is forbidden to copy the text of this publication without a written permission from ELTA.
|Populiariausi straipsniai ir video

Coronavirus emergency may mean restrictions, release from obligations for firms

The Lithuanian government's decision to declare a state-level emergency due to the coronavirus...

Finance minister: coronavirus to affect economy

The widening coronavirus outbreak will have implications for the Lithuanian economy , Finance...

Lithuanian businesses might feel coronavirus effect in spring

The coronavirus outbreak in China is already affecting Lithuanian businesses as some companies...

Leader in gaming and VR platforms to undergo major expansion in Lithuania

Unity Technologies , creator of the world’s most widely used real-time development platform for...

German polymer specialist establishing microduct systems production unit in Klaipeda

REHAU , a family-owned polymer specialist with annual sales of around EUR 3.5 billion, is...

Top news

Health ministry expands list of risky territories over coronavirus

Lithuania's Health Ministry has put Hong Kong , Iran, South Korea and Singapore onto the list...

Coronavirus emergency may mean restrictions, release from obligations for firms

The Lithuanian government's decision to declare a state-level emergency due to the coronavirus...

Vilnius is 7th most accessible city in Europe

Vilnius came in 7th place beating many other European tourist hotspots.

Zalgiris: Friday's Euroleague match against Milan team to go ahead as planned

Friday's Euroleague match between Zalgiris Kaunas and AX Armani Milan in Lithuania's...

Installation of Chinese CCTV in Kaunas raises security concern

The installation of a CCTV system produced by Chinese company Hikvision in Lithuania's...

|Maža didelių žinių kaina