Starman Group’s Cgates has acquired the Lithuanian telco TPG for an undisclosed fee.
Quoted by Ituudised, Starman’s chairman Aivo Adamson said that the Lithuanian Competition Authority has recently approved the transaction, which was the next step in the group’s strategy to consolidate the Lithuanian market and increase its subscriber base.
He added that unlike Estonia, Lithuania’s telecom market is highly fragmented and has a very strong regional dimension.
TPG has a presence in the cities of Panevezys and Utmerge, providing TV and broadband services under the brand names Kateka, Elekta and Teletinklas.
Its acquisition has raised Cgate’s subscriber total by 18,000 to around 170,000.
As previously reported by Broadband TV News, Cgates was acquired by Starman in December 2014 in a deal worth €56.3 million.
Meanwhile, Starman was sold to Providence Equity by East Capital Explorer earlier this year.
