AS Starman

Starman was an Estonian provider of cable television and Internet services, established in 1992 with its headquarters located in Tallinn. Since December 2016, the Finnish telecom corporation Elisa has owned Starman Estonia in its entirety.

As the leading cable TV operator within Estonia and across the Baltic region, Starman held a dominant market position.

History

The company was created by entrepreneurs Peeter Kern and Indrek Kuivallik, with Peeter Kern acting as CEO until his untimely passing in 2014. In 2013, Swedish investment firm East Capital Explorer purchased a majority 51% share from the original founders.

In 2015, supported by East Capital Explorer’s financing, Starman broadened its reach by acquiring the Lithuanian telecommunications firm Cgates; however, the Lithuanian segment was eventually separated from the main operations.

By March 2016, East Capital Explorer intended to divest its 63% ownership to Providence Equity Partners, a U.S.-based investment company, for €81 million. Nevertheless, Polaris Invest—a minority shareholder controlled by Indrek Kuivallik—exercised pre-emptive rights to obtain these shares instead.

The acquisition of Starman Estonia (excluding its Lithuanian branch) by Elisa was finalized in December 2016 for €151 million, representing a key milestone in Elisa’s strategy to expand within the region.