Polaris Invest and Com Holding have sold a significant minority stake in Cgates to Livonia Partners
Polaris Invest and Com Holding have sold a significant minority stake in Cgates to Livonia Partners. Financial details have not been disclosed.
Vilnius-based Cgates provides cable and digital television, fixed telephony and fiber-optic broadband internet to more than 270,000 subscribers in 18 cities.
Livonia Partners is an investment team based in the Baltics. The firm manages LHV Pension Funds (Estonian wealth management arm of the listed Estonian bank LHV) and Ambiend Sound Investments (investment firm of the founding engineers of Skype). The private equity investor will help to support Cgates' growth and to further network and technology upgrades.
Polaris Invest and Com Holding are the founding members of the Estonian cable-operator Starman Group, the previous owner of Cgates.
Oaklins' team in Estonia acted as the exclusive sell-side advisor to Polaris Invest and Com Holding.
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