Case Study

AS Starman has been acquired by Elisa Oyj

Polaris Invest and Com Holding have sold AS Starman to Elisa Oyj for US$160 million.

Elisa is the leading Finish telecommunications, ICT and online services provider, with 2.3 million consumer, corporate and public administration organization customers. Cooperation with Vodafone and Telenor enables global competitive services. Elisa is listed on Nasdaq Helsinki Large Cap with approximately 200,000 shareholders. In 2016, Elisa’s revenues amounted to approximately US$1.8 billion and had 4,300 employees. The company already provides mobile services in Estonia and the merger of Elisa Estonia and Starman will create an integrated group with revenues of US$143 million and US$52 million EBITDA, mostly from mobile services.

Polaris Invest and Com Holding are the founding shareholders of Starman. This is the second closing in a series of deals whereby Polaris Invest exercised its pre-emption right to acquire East Capital Explorer AB's 63% stake in Starman Group (first closing). The transaction was financed by Finland-based telecom services provider Elisa, who now acquires Starman's Estonian operations after having obtained the necessary regulatory approvals. In parallel, Polaris Invest and Com Holding have acquired Cgates, Starman's Lithuanian operations.

Starman is the leading cable television services and broadband provider in Estonia, with approximately 320,000 subscribers. Since its establishment in 1992, the company has grown organically and through acquisitions, integrating more than 20 local operators over the years. Starman is the market leader in pay TV and number two in broadband internet, with 35% and 20% market shares in each segment, respectively.

Oaklins' team in Estonia advised the sellers in this transaction.

Tombstone image for AS Starman has been acquired by Elisa Oyj

KEY DEAL CONTACTS

Lauri Isotamm

Estonia

Partner

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Heikki Källu

Estonia

Partner

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Jüri Härm

Estonia

Senior Associate

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