Primus has advised Polaris Invest and Com Holding, the shareholders of Cgates, the second largest cable operator in Lithuania, on the sale of a stake in the company to Livonia Partners. Cobalt advised Livonia Partners on the transaction, which is awaiting regulatory approval.
Polaris Invest and Com Holding are Estonian investment companies belonging to Indrek Kuivallik and Marju Kern, respectively.
According to Primus, "over the past several years, Cgates, which now employs over 300 people and has an annual revenue of approximately EUR 19.5 million, has been actively consolidating the Lithuanian telecommunications market and intends to continue growing its market share through further acquisitions, now in partnership with Livonia Partners."
Cgates was formerly owned by Starman, a leading Estonian telecommunications company, which was acquired by Elisa earlier this year. As part of the acquisition, Starman’s Lithuanian holdings were sold to Polaris Invest and Com Holding.
Primus’s Estonian and Lithuanian offices represented Cgates and its current shareholders. The firm's team was led by Partners Anton Sigal and Ermo Kosk in Tallinn and Giedre Dailidenaite in Vilnius.
The Cobalt team was led by Lithuania Partner Elijus Burgis, assisted by Senior Associate Inga Mazvilaite.
Editor's note: After this article was published TGS Baltic informed us that it had advised LHV Pension Funds, which — along with Ambient Sound Investments — joined Livonia Partners in investing in Cgates.