Bite Latvija has signed a purchase agreement to buy Baltcom, one of the leading cable operators in Latvia and Baltic Republics.
Quoting Kaspars Buls, the CEO of Bite Latvija, Dienas Bizness reports that the transaction, details of which are confidential, is subject to the approval of the Competition Council.
It adds that the two companies will continue to operate independently until permission is granted.
Buls also said that the acquisition will strengthen the competitiveness of the Bite Group, which currently offers mobile services.
Bite Latvija is owned by Bite Lietuva, which is backed by Providence Equity Partners, and has a share capital of €99.085 million. It had a turnover of €99.978 million and profit of €14.964 million in 2018.
Meanwhile, Baltcom, which was establised in 1991, has a registered capital of €33.011 million.
Solely owned by Luxembourg-registered Rpax One, it has a turnover of €17.099 million in 2018, or 3.4% more than a year earlier, while its loss fell by 48.6% to €1.914 million.