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East Capital Explorer AB Acquires Majority Stake in Starman


Friday, 3 May 2013 01:00am EDT 

East Capital Explorer AB announced that the Company has agreed to acquire a majority stake in Starman, a cable TV, broadband internet and voice cable services provider in Estonia. East Capital Explorer will invest approximately EUR 24 million to acquire 51% of the company based on a total enterprise value of EUR 107 million, and the remaining stake of 49% will be held by Starman's founders, Peeter Kern and Indrek Kuivallik. East Capital Explorer will acquire the shares from the existing owners, a consortium led by Bancroft Private Equity Gmbh & Co. KG. The founders will increase their current equity stakes in Starman by investing an additional EUR 5 million on the same terms as East Capital Explorer. SEB and Swedbank are financing part of the acquisition with an acquisition loan. Starman has approximately 130,000 cable TV and 60,000 broadband clients. Its network is 100% digital and covers cities in Estonia. The company's revenues in 2012 amounted to EUR 28 million and Ebitda was EUR 13 million. The transaction is subject to approval from the Estonian competition authorities, and is expected to be completed during the second quarter of 2013. 

Company Quote

48.5
0.1 +0.21%
17 Apr 2014