Baltcom acquires IZZI
Our portfolio company, Baltcom, the leading Latvian cable television and telecommunication provider, completed the acquisition of IZZI, the second largest cable TV provider. In this transaction Baltcom was supported by us and by AXA Private Equity. Both, Baltom and IZZI will function as independent entities, but thanks to the merger customers will receive more interesting services.
Baltkom TV was established in 1991. It is one of the leading telecommunication companies in Latvia, offering analogue and interactive digital TV, high-speed internet and fixed line telephone services and, since August 2013, household electric energy retail distribution.
Baltcom constantly expands its services within the growing network of cable television in Latvia and this transaction will accelerate the company's growth.
VojkoRovere, CEO of Baltcom said: “Thanks to this transaction we will be able to increase the reach of Baltcom’s telecommunications services by approximately 30%, and we will offer customers an even wider range of services. We will continue to grow and strengthen our position on the market, while enhancing the healthy competitive environment in the telecommunications industry.”
“IZZI's customers will benefit from this transaction. As a more powerful company we will be able to improve quality of our services and gain new expertise to offer the latest telecommunications services available in Latvia," said AndrisZelonka, Member of IZZI's Management Board.
“We are delighted to support Baltcom in its next stage of its development. This acquisition will create a significant player on the Latvian entertainment and telecommunication services market. The merger with IZZI is the sixth acquisition completed by Baltcom, since our initial investment in 2011, and is a major step in the consolidation of the market,” saidMartonHunek, Director at AXA Private Equity.
Piotr Noceń, Managing Partner of Resource Partners, added: “Consolidating the Latvian cable TV market is an important part of our investment strategy. The merger of the two companies will broaden product offering and allow them to deliver the best quality services to their customers.”
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