Go PLC entered into a deal to buy the 25% of the shares of Cablenet Communications Systems Ltd from Nicolas Shiacolas. The said transaction is valued at €12 million in convertible loan, according to Times of Malta.
Go Chief Executive Officer (CEO) Yiannos Michaelides said of the deal: "As the potential to achieve this in Malta is restricted, we are open to pursuing such opportunities wherever they may be... Cablenet's clear potential for further growth in the premium sector, combined with the obvious synergies that exist between Go and Cablenet and between Malta and Cyprus, made this an attractive proposition which we have now decided to pursue."
Under the terms of the share purchase agreement, Go will have the option to take a majority holding of the Cypriot firm in the future. Go can also choose to nominate three directors to Cablenet's board and assign a secretary for the firm, the report detailed.
Launched in 2003, Cablenet initially operated as a provider of cable TV services in Cyprus. At present, its product offering now includes broadband Internet, digital HDTV, and telephone services, Times of Malta reported.
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