Bitė to acquire Telecentras' IPTV business in LithuaniaFriday, May 22nd, 2020
Telecentras and Bitė have signed an agreement on the sale of Mezon
Lietuvos radijo ir televizijos centras AB (hereinafter – Telecentras) and UAB Bitė Lietuva (hereinafter – Bitė) have signed an agreement according to which Bitė acquires Telecentro’s Internet, data transmission and IPTV business, which is being developed under Mezon brand.
Bitė Lietuva’s offer was chosen because it offered the highest price, more than 20 million euros, and best met the requirements of the purchaser. The agreement has yet to be approved by the Competition Council and other market surveillance authorities.
“Telecentras is selling the Mezon business because it links its future to core activities – transmission of television and radio programs – and state ITT infrastructure development projects. As the market situation changed, the company’s administration and board decided to focus the company on the development of infrastructure projects important to the state. In order for a company to effectively implement these projects, it must no longer provide the retail services. That is why last year a strategic decision was made to separate them into a separate asset unit and sell them,” says Vidas Danielius, Chairman of the Board of Telecentras.
“We have promised Bitė’s customers that we will translate complex technologies into simple and easy-to-use services to make every day easier. Those who choose Bitė know that we offer a huge variety of services and smart solutions, we ensure their high quality and exceptional service. We are happy today to be able to give the same promise to Mezon’s customers,” says Pranas Kuisys, CEO of Bitė Lietuva.
It is planned to gradually integrate Mezon’s business into Bitė Lietuva. Employees of Mezon will join the unique work culture of Bitė, where comprehensive care of employees is an important part of the company’s DNA. For several years now, Bitė Lietuva has been winning the awards for the best employer in Lithuania. the company was awarded the award for the best employer in the Baltic States.
In the transaction, Bitė Group’s financial advisor was Summa Advisers, legal and tax advice was provided by the law firm Sorainen, and the audit was advised by KPMG. Telecentras was represented in the transaction by financial advisor Porta Finance, legal advice by Cobalt, and audit by Deloitte Lietuva.