Cypriot broadband operator Cablenet has announced that it has reached a strategic share purchase agreement with Maltese telecoms firm GO. Under the terms of the deal, GO will purchase 25% of Cablenet’s issued share capital in exchange for a convertible loan of EUR12 million (USD16.5 million) to Cablenet. Going forward, the loan may be converted into equity so that, upon conversion, GO’s total shareholding would be equal to a 45% stake in Cablenet. Additionally, the agreement grants GO the option to acquire majority control of Cablenet in the future. The agreement is subject to approval by the relevant regulatory authorities in Cyprus, following which changes to Cablenet’s board of directors will take effect. GO will, as part of the agreement, have the option to nominate three directors to the board of Cablenet, as well as appoint the company secretary.
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