Melita sets sights on Malta's third wireless network

Melita Cable Plc, recently acquired by GMT Communications Partners, announced yesterday that it has signed a letter of intent for a proposed transaction with 3G Telecommunications Limited.

3G Telecommunications, a subsidiary of investment firm M/C Venture Partners, was recently awarded Malta's third UMTS licence by the Malta Communications Authority.

The transaction will enable Melita Cable to roll out Malta's third wireless communications network and offer a full suite of voice and data communications services.

As a part of the transaction, M/C Venture Partners will acquire a minority interest in Melita Cable and fund the company's expansion alongside GMT Communications Partners and the Gasan Group. The MCA has issued its preliminary approval for the transaction; completion remains subject to final clearance by the MCA and the Office of Fair Competition.

Commenting on the new agreement, Massimo Prelz of GMT Communications Partners said: "The addition of 3G Telecommunications will enable Melita Cable to become one of the cable industry's first fully integrated quadruple play operators. We view this as an important opportunity for Melita Cable to build on a successful track record of investment in Malta's communications market."

Joseph Gasan, chairman of Melita Cable, said: "Our investment in an advanced mobile communications network is another step forward for Malta's communications market which represents an important building block for our economy."

GMT Communications Partners is a European independent private equity group focused exclusively on the communications sector, having actively invested in the European marketplace for the past 15 years.

M/C Venture Partners is a venture capital firm focused exclusively on the communications, media, and information technology sectors. Over the past 25 years, M/C has invested over $1.8 billion into almost 80 emerging growth companies of all stages.