Polaris Invest has acquired Starman Group

December 2016 — The minority shareholder Polaris Invest has exercised its pre-emption right to acquire the East Capital Explorer AB's 63% stake in Starman Group. The transaction, originally announced on 14 March 2016 as a sale to Providence Equity, valued Starman at an enterprise value of US$230 million.The transaction was financed by the Finland-based telecom services provider Elisa, who intends to acquire Starman's Estonian operations after receiving necessary regulatory approvals.

Polaris Invest is a minority shareholder and co-founder of Starman Group. The company also has holdings in real estate and is active via the investment company Spring Capital in various new technology ventures, including wind energy, wireless sensors and polymers-based structures.

Starman is the leading cable television services and broadband provider in the Baltics. In Estonia, Starman has 37% and 21% market share in each market respectively. Since its establishment in 1992, the company has grown organically and through acquisitions, integrating more than 20 local suppliers in its business. At the end of 2014, Starman had 318,000 subscribers, with 97% digital coverage in Estonia. In 2015, the company expanded through the acquisition of the leading non-incumbent Lithuanian cable television provider Cgates.

East Capital Explorer AB is a Swedish investment company offering unique investment opportunities in Eastern Europe. The Baltic countries represent the company’s largest investment region.

Our role in the transaction

Oaklins' team in Estonia acted as the exclusive buy-side advisor to Polaris Invest.