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Direct One to acquire Netcity Telecom

Direct One S.A. is due to acquire control of Netcity Telecom, the operator of an underground fiber optic network in Bucharest, following the signing of a sale and purchase agreement with UTI Netcity Investment BV and UTI Grup SA, entities which own 100 per cent of the telecom operator equity

2016-09-01 15:56:06

In this transaction, all of the target shares will be acquired by Direct One, an independent and neutral provider of fiber optic infrastructure for telecommunications, which is controlled by the Romanian entrepreneurs Teofil and Simion Mureșan. Direct One operates a national network of aerial fiber optics which exceeds 5,500 km and ensures long distance connectivity between cities. The transaction is subject to approval by the Romanian Competition Council.

"We are delighted by the prospect of this acquisition which allows a company owned 100% by Romanian entrepreneurs to expand on the national market for telecom infrastructure. Our wish is to serve the needs of all telecom operators in a transparent and uniform manner and we hope to be able to expand the network in a way which is both economically viable and compliant with relevant legislation", mentioned Marian Pantazescu, Chairman of Direct One's Board of Directors.

Netcity Telecom is the operator of the namesake network, being charged with designing, building and operating Netcity following the signing, in 2008, of a 49-year concession agreement with the Bucharest municipality. The network provides canalization for fiber optics over a total length of about 1,000 km ensuring access for telecom operators offering services throughout Bucharest.

KPMG was the financial advisor to the sellers of Netcity. Bogdan Vaduva, M&A Partner with KPMG, said: "We are really proud to have successfully lead the process as it is one of the most important transactions in the local telecom industry in the last decade".

Financial and tax advisory to buyers has been provided by PwC Romania. Legal assistance to buyers has been provided by Tuca, Zbarcea si Asociatii, while the sellers had legal support from Leaua&Asociatii.

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