“We are pleased to inform you that the suspended negotiations between LLC Magticom and LLC Caucasus Online were resumed in March 2016 and finally, we have reached an agreement on a memorandum of understanding that will become the ground for concluding an agreement on sales and purchase of operating assets,” says the company statement.
Today, LLC Magtiсom and LLC Caucasus Online signed a memorandum on understanding. The memorandum encompasses conditions for purchase of operating assets (for corporate and retail services) by LLC Magticom from LLC Caucasus Online. Under the memorandum, an exclusive agreement has been achieved with LLC Caucasus Online that it will terminate negotiations with any other third party.
As reported, on August 11, 2015 LLC Magticom and LLC Caucasus Online jointly addressed the Georgian National Communications Commission (GNCC) on admitting Magticom to purchase Caucasus Online assets. The commission issued a preliminary consent on November 19, 2015.
The sales and purchase agreement will be signed until May 30, 2016. The process of transmission of assets, i.e. integration process will last several months. We will notify the date to the customers in advance, after which LLC Magticom will provide cable internet, internet television and landline phone services. The changeover process will be carried out in continuous regime.