GO finalises Cablenet acquisition

GO plc, Malta’s leading quad play telecommunications company, has finalised the acquisition of 25 per cent of the shareholding in Cablenet Communications Systems Limited from Nicolas Shiacolas, beneficial owner of Cablenet’s entire issued share capital.

GO will be acquiring this shareholding in exchange for a convertible loan of €12 million to Cablenet which, at GO’s option, may be converted into equity so that, upon conversion, GO’s total shareholding would be equal to 45 per cent of Cablenet’s issued share capital.

GO also has the option to acquire majority control of Cablenet in the future should it wish to do so.

Cablenet was the first Cypriot operator to offer a triple-play package covering TV, fixed telephony and high-speed internet access, and is now the leading privately owned broadband provider in Cyprus offering packages which include broadband internet access, fixed telephony and digital HD TV to more than 43,000 subscribers.

GO CEO Yiannos Michaelidess said Cablenet had interesting potential for further growth. “We also see synergies between GO and Cablenet and between Malta and Cyprus. We believe that, by pursuing this growth opportunity, we will be able to generate further value for all our respective shareholders.”

Michaelides, Nikhil Patil and Edmond Brincat will be nominated to Cablenet’s Board of Directors. Francis Galea Salomone will be Cablenet’s company secretary.