Starman AS (“Starman”) is the largest cable TV operator in Estonia. The company provides several bundled service packages offering “triple play” service: video programs, broadband internet connection and voice telephony. It is also involved in the provision of terrestrial digital video services. RCI I bought a majority shareholding in Starman from the Swedish telecommunication group Telia in September 2000.
RCI I and the local management team provided additional development capital to facilitate further growth of the customer base, expansion into retail broadband internet services, and retail telephony. Starman almost tripled the number of cable TV subscribers, became a leader in the provision of internet services via cable in the main urban areas, and rapidly expanded into retail fixed-line telephony.
In June 2005, RCI I offered almost half of its shareholding in Starman in an IPO. Starman was listed on the Tallinn Stock Exchange. In September 2007, the remaining shares were sold to a consortium of financial buyers. RCI I realized a 3.1x multiple on its originally invested capital.