Latvia’s largest cableco Baltcom has acquired number two player Izzi as part of its national expansion strategy.
Terms of the deal and its value were not disclosed.
Baltcom and Izzi will continue to operate as separate legal entities, but Baltcom…
Latvia’s largest cableco Baltcom has acquired number two player Izzi as part of its national expansion strategy.
Terms of the deal and its value were not disclosed.
Baltcom and Izzi will continue to operate as separate legal entities, but Baltcom said customers will benefit from a broader range of services. The deal will also enable the operators to better compete with incumbent telco Lattelecom.
Baltcom board chairman Vojko Rovere said the deal expands the company’s infrastructure coverage by about 30% which, along with the broader range of services, would facilitate further growth.
Founded in 1991, Baltcom provides TV, high-speed internet and fixed telephony services. The company’s owners are Luxembourg-registered Rpax One, set up by Axa private equity and Resource Partners, Cyprus-registered Mackonar Impex and Latvian State Radio and Television Centre.
In September 2011, Baltcom announced that it aimed to invest €50m into the development and expansion of its internet and TV services with the aim of becoming the market leader in Latvia. Following failed merger talks with Izzi, Baltcom secured a €28m investment and expressed its interest in acquiring 100% of Izzi’s share capital.
Izzi, founded in 1994 and formerly backed by Contaq Latvia Cable, also provides TV, broadband internet and fixed telephony services.
