Maltese telecoms firm GO has announced that it has finalised the acquisition of 25% of Cypriot broadband operator Cablenet from Nicolas Shiacolas, the owner of Cablenet’s entire issued share capital, in exchange for a loan of EUR12 million (USD15.52 million), Malta Today reports. Going forward, the loan may be converted into equity so that, upon conversion, GO’s total shareholding would be equal to a 45% stake in Cablenet.
As previously reported by TeleGeography’s CommsUpdate, the two sides reached a strategic purchase agreement in April 2014; the deal grants GO the option to acquire majority control of Cablenet in the future. GO will, as part of the agreement, have the option to nominate three directors to the board of Cablenet, as well as appoint the company secretary. GO CEO Yiannos Michaelidess, Nikhil Patil and Edmond Brincat were subsequently listed as potential new board members, with Francis Galea Salomone set to assume the post of company secretary.