Communications company Bite acquires 100% of Baltcom shares
It is expected that both companies will work under Bite Group brand. The price paid for Baltcom shares is not disclosed.
“I am happy with the progress achieved in this agreement, which is a strategically important step towards enhancing Bite Group’s competitiveness. As a result of this deal, our clients will benefit greatly and we will be able to offer not only mobile communications services and information and communication technology solutions for corporate clients, as well as home internet and diverse range of TV channels for private persons”, says Buls.
“There is a pronounced tendency on the telecommunications market to pick integrated services. I predict clients will start using varied range of services from a single service provider more in the future”, comments the head of the company.
Before the deal can conclude, it is necessary to secure permission from the Competition Council. Until now the two companies worked independently of each other.
Baltcom was registered in May 1991, and its share capital was EUR 33.011 million. The company's sole owner was Luxembourg-registered RPAX One S.A. controlled by private equity funds: Resource Partners and Ardian (formerly AXA).
Bite Latvija was registered in May 2005 and its share capital is EUR 99.085 million. The sole owner of Bite Latvija is Bite Lietuva, an entity owned by international asset management company Providence Equity Partners.
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