Elisa buys full holding in Starman Estonia

Bill Boyle
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Elisa has bought Polaris Invest and Com Holding - the full ownership of the Estonian telecommunications company Starman - for €151m

Elisa, the Finnish telco has acquired a 100% holding in Starman for €151m, Elisa told the stock exchange this is part of the company's strategy to strengthen its position in the domestic market.

The transaction is subject to the approval of Estonian competition and will be closed during the first quarter of 2017.

Kuivallik on Tuesday acquired a 63% holding in Starman Estonia from the investment company East Capital Explorer. It previously owned 11% of the company. The rest of Starman was owned by Com Holding which is owned by the heirs of  Peeter Kern.

Starman's Lithuanian telecommunications company Cgates will still be owned by Polais and Com Holding. Until the Estonian and Lithuanian units have been separated, Starman group will continue working with the present management and new owners.

"We have a competent and motivated team in Lithuania who will start carrying out the new business plan in cooperation with Estonian owners. I am also very glad that Starman's Estonian business will get a strong development push from the Nordic countries' leading telecommunications company," Kuivallik said in a press release.