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Providence Equity acquires majority stake in Estonia’s Starman

17 Mar 2016

Providence Equity Partners has agreed to acquire a 63% stake in Estonia-based pan-Baltic cable TV and broadband provider Starman from East Capital Explorer (ECEX) for an upfront cash consideration of EUR81 million (USD90 million) plus an earn-out payment of up to EUR5 million payable in 2017. Providence Equity has said it will also offer to buy out minority shareholders at the same terms as the ECEX deal. Providence Equity already owns Lithuanian mobile operator Bite.

Founded in Estonia in 1992, Starman expanded its reach to Lithuania in 2015 through the acquisition of local cableco Cgates. The group now offers cable TV, broadband, DTT and fixed telephony services to a customer base comprising over 500,000 revenue generating units (RGUs) across Estonia and Lithuania.

Estonia, Cgates, Starman

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