Telekom Slovenije has confirmed it has signed an agreement to buy a 75% stake in Tirana-based ISP Albania Online for EUR3.97 million. Albania Online’s chairman and executive director will each retain 12.5% stakes in the company. The Slovenian company plans to invest EUR18-EUR20 million (USD25 –USD28 million) in the development of its Albanian acquisition over the next five years.
According to TeleGeography’s GlobalComms, Albania Online is one of the few alternative providers of broadband internet access, offering services over incumbent Albtelecom’s DSL network and cable platforms, as well as its own fibre-optic and wireless broadband networks. It is also an 88% shareholder in the Albanian Fibre Backbone (AFB), which operates the largest fibre-optic backbone in Tirana. Last year the company reportedly generated EUR2.66 million in revenue with profits of almost EUR500,000.