Gibtelecom buy-back completed

16 Dec 2014

With the government of Gibraltar having announced last month that it would acquire Telekom Slovenije’s 50% stake in Gibtelecom for EUR47.7 million (USD59.6 million), it has now been confirmed that a meeting of the telco’s board took place last week to complete the deal. According to a press release issued by the telco, HM Government of Gibraltar has now taken control of Telekom Slovenije’s previous stake in the Gibraltan telco on the back of the signing of a Share Purchase Agreement inked between the two parties on 17 November 2014. Following the deal, the new chairman of Gibtelecom has been named as the Hon. Fabian Picardo, while another new director, Albert Mena, has also been appointed to the Gibtelecom Board. Further, following Telekom Slovenije’s exit Gibtelecom’s board will now comprise four directors, those being: chairman Hon. Fabian Picardo; chief executive officer Tim Bristow; Dilip Dayaram Tirathdas; and Albert Mena.

Gibraltar, Gibtelecom, Telekom Slovenije (incl. Mobitel)