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Thursday, 28.03.2024, 22:21
Lithuania's Cgates plans further expansion
"I am starting work and cannot tell you much. We will have more concrete discussions with the owners, but I think a move may be expected in the future," he told BNS.
Cgates last October purchased companies operating under the Kava brand. This followed its acquisition of Raikaras, a local telecoms company, and the cable TV provider Ukmerges Televizija in 2014.
Starman Group Chairman Aivo Adamson said that Kirdeika, 41, had proven to be a leader in telecommunications and that his key tasks would be to develop Cgates' business and look for synergies and integration opportunities with other units of the group.
According to the latest figures from Lithuania's Communications Regulatory Authority, Cgates held 14.4% of the country's TV market by revenue, the third-biggest share after Teo LT's 34.5% and Viasat's 19.6%, and a 17% share by customer numbers, second only to Teo LT with 28%.
Starman, which is controlled by Sweden's East Capital, in February 2015 acquired 100% of shares in Cgates from the US investment company Advanced Broadband, SEB Venture Capital and SEB's investment fund in a deal worth 56.3 million euros.