Discover Moldova

slide

With its mild and sunny climate, fertile soils and centurylong farming traditions, Moldova boasts a rather productive agricultural sector.

« News

Turcan Cazac assists Shareholders in Sale of Sun Communications to Orange

Orange takes over Sun Communications

18 October 2016

Chisinau, Moldova — Turcan Cazac has assisted the shareholders of the leading Moldovan cable and pay TV operator Sun Communications in their successful exit by way of sale of 100% of shares to Orange Moldova SA, a unit of France Telecom's Internet and mobile arm Orange. The deal is described by business media as a mega transaction in the Moldovan telecommunications sector. 

The transaction involved the sale of their shares by Lekert Management Ltd and Neocom Ltd, the investment vehicles controlled by Sun Communications founder Alexandru Sirbu (65%), the European Bank for Reconstruction and Development (28%), and the senior management of the company, including John Maxemchuk, the CEO (5%) after the parties signed a framework agreement in June 2016.

The deal was completed on 18 October 2016 after the Moldovan Competition Council authorised the takeover by Orange Moldova, finding that the merger does not raise significant obstacles to the competition environment on the market of the Republic of Moldova or a significant part thereof and in particular that a dominance will not be created or strengthened thereby.

According to Orange Moldova, the take over will allow it to enter the fixed and Pay TV services market and offer new services and offer its clients innovative services, and in particular convergent offers including fixed, mobile and pay TV services.

Orange Moldova is the largest mobile operator in the country with over 2.6 million customers and a 57% market share in the national telecommunication sector, data from Moldovan telecom regulator ANRCETI shows.

Sun Communications is the leading Pay TV provider in Moldova by customer base. It offers digital and cable TV services under the brand SunTV to customers in Chisinau, Balti and Cahul.

Turcan Cazac assisted the EBRD in 2007 when it made its equity and debt investments in Sun Communications.

The firm's current mandate — relating to the announced exit — was handled by partners Octavian Cazac and Alexander Turcan, together with associates Ana Galus, Vladimir Palamarciuc and Alexander Tuceac.

For more information please visit:

http://suncommunications.md/sun/#!ro/news/268 

http://www.ebrd.com/news/2016/ebrd-sells-stake-in-moldovas-sun-communications-as-orange-takes-over-.html