Estonia, Internet, Legislation, Mergers and take-overs, Technology, Telecomunications

Unitcom said the acquisition allows it to strengthen its market position and makes it the second biggest company on the market for ICT services for corporate customers in Estonia. The transaction is consistent with Unitcom's long-term strategy, Unitcom Eesti Chairman of the Management Board Toomas Peek said.

The acquisition of Uptime Systems significantly increased the customer base of Unitcom, especially when it comes to large corporations, and put Unitcom in second place on the market for IT administration services for Estonian corporate clients, Peek said.

The manager of Uptime OU, Eero Tohver, said Uptime focuses on software development and is glad to have found a new ambitious owner for Uptime Systems that has a clear vision for developing the company.

The parties have agreed not to disclose the price at which the shares changed hands. The advisers in the transaction were the investment bank Keystone Advisers and the law offices Glimstedt and Primus. Swedbank Eesti helped to finance the transaction.

Unitcom is an Estonian-owned company offering ultra high speed internet, television, telephone, IT infrastructure and cloud services to household and corporate customers all over Estonia. Unitcom's wireless broadband and fiber networks cover more than 65% of the Estonian population.

Unitcom employs more than 60 specialists and is owned by Estonian entrepreneurs Toomas Peek, Peep Poldsamm and key employees of the company.