Swedish investment group East Capital has acquired 100% of the Lithuanian cable network operator Cgates for EUR56 million (USD68 million). The operator was bought from Advanced Broadband (43.6%), SEB Venture Capital (39.9%) and SEB Stiftelsen (16.5%). The deal was carried out via East Capital’s Estonian cable TV subsidiary Starman. As part of the same deal, East Capital is to invest a further EUR23 million into Starman, raising its equity stake from 51% to 62%.
According to TeleGeography’s GlobalComms Database, Cgates is one of Lithuania’s largest cable network operators, providing cable and digital television, fixed telephony and fibre-optic broadband internet to over 100,000 customers in the country’s largest cities, including Vilnius, Alytus, Marijampole, Vilkaviskis, Silute, Lentvaris and Kaunas.