First Satellite Company, Russia’s leading distributor and retailer of digital TV equipment, announced last week that it has been acquired by Dutch fund Enterprise Emerging Markets Fund B.V.
The acquisition was made in two stages: a 10% stake was acquired in October and the remaining 90% in December 2010.
The valuation of the company was not disclosed, but was estimated to be between $15 million to $20 million by Tatyana Zemtsova, an analyst at Finam, a leading Russian Financial company, quoted by ComNews.ru.
The company, also known as Pervaya Sputnikovaya Kompaniya or PSK in Russian, is based in Saint Petersburg and works under the brand NoLimit Electronics. The company claims to have equipedequipped over 7 million households with satellite TV antennas to date.
PSK says it has plans to increase its network from 47 “warehouse stores” across Russia today to 80 by the end of 2011. This distribution network was initially developed by General Satellite, a Russian research and production company specializing in hi-tech radio electronic equipment that abandoned its distribution activities in the mid 2000s.
Source: PSK, ComNews.ru
