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The cross-border team at TGS Baltic led by associate partner Kadri Kallas (Estonia) advised one of the largest Baltic pension fund managers LHV Pension Funds on investing in Cgates, a leading Lithuanian provider of cable television and internet services, together with consortium partners Livonia Partners, a pan-Baltic private equity firm, and Ambient Sound Investments.
The investor consortium invested into a significant minority stake in Cgates to support growth of the company and further network and technology upgrades. The transaction is pending regulatory approval.
With nearly 300 employees and consolidated sales of €19.5 million in 2016, Cgates is Lithuania’s second-largest cable network operator. It provides cable and digital television, fixed telephony and fibre-optic broadband internet to more than 270,000 subscribers in 18 cities. The Vilnius-based company is currently owned by the founders of former Cgates’s parent Starman, which was bought out by Elisa Corporation of Finland earlier this year.
TGS Baltic legal advisors to LHV Pension Funds
On the same topic
Telegeography: Livonia Partners consortium acquires minority stake in Lithuania’s Cgates
Palico: Livonia Partners has bought Lithuanian cable network operator firm CGates alongside LHV Pension Funds Estonia and Ambient Sound Investments
LHV Pension Funds Estonia are one of the largest Baltic pension fund managers with more than 170,000 clients and €1 billion assets under management. It is part of Estonia’s financial group LHV, whose shares trade on the Nasdaq Baltic market.
Livonia Partners is a private equity investment firm based in the Baltics, currently managing €83 million as part of the Livonia Partners Fund I and the Livonia Partners EIF Co-Investment Fund.
Ambient Sound Investments is an independent investment vehicle established in 2003 by the four founding engineers of Skype Technologies. The company now managers €100 million of its partners’ assets with a focus on technology-related firms.
Cgates is one of Lithuania’s largest cable entertainment and communication companies. Established in 1991, it now provides cable and digital television, fixed telephony and broadband internet to more than 270,000 customers in 18 cities.
TGS Baltic is a full-service business law firm in Estonia, Latvia and Lithuania employing 140+ lawyers across the Baltics.
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