Metal Sky Star Enters LOI with Fedilco for Armenian Telecom Giant Vivo

Deal News | Nov 04, 2024 | EIN

Metal Sky Star Enters LOI with Fedilco for Armenian Telecom Giant Vivo

Metal Sky Star Acquisition Corporation, a Cayman Islands-based exempted company, has announced the entering of a letter of intent with Cyprus-based Fedilco Group Limited to acquire all outstanding shares of Fedilco. Fedilco possesses an 80% equity in Viva Armenia Closed Joint-Stock Company, a leading telecom provider in Armenia. This move spots Viva as a valuable asset owing to its significant market share and high subscriber base of over 2.3 million, while being prominent on Armenia’s taxpayers list. Viva’s initiative in corporate social responsibility and international partnerships further solidify its industry standing. The transaction, requiring approval from Armenian authorities, is a directional move for Metal Sky Star to tap into Armenia's economic growth through expanding Viva’s consumer-focused telecom services. CEO Wenxi He expressed confidence in mutual growth for stakeholders. The announcement includes cautionary forward-looking statements hinged on business combination-related risks elucidated in Metal Sky Star's SEC 2023 annual report.

Sectors

  • Telecommunications
  • Private Equity & Venture Capital

Geography

  • Armenia – The target company, Viva Armenia Closed Joint-Stock Company, is based in Armenia and plays a vital role in the local telecom industry, impacting the Armenian economy.
  • Cayman Islands – Metal Sky Star Acquisition Corporation, the acquiring company, is incorporated in the Cayman Islands.
  • Cyprus – Fedilco Group Limited, the controlling shareholder of Viva, is a Cyprus-incorporated company, adding an international dimension to the deal.

Industry

  • Telecommunications – The article discusses a transaction involving a significant telecom company in Armenia, highlighting its market dominance and strategic significance in the industry.
  • Private Equity & Venture Capital – Metal Sky Star Acquisition Corporation is a blank check company specializing in mergers and acquisitions, representing the private equity aspect in the M&A process.

Financials

    Participants

    NameRoleTypeDescription
    Metal Sky Star Acquisition CorporationBidding CompanyCompanyA blank check company based in the Cayman Islands, specializing in mergers and acquisitions.
    Fedilco Group LimitedSelling CompanyCompanyA Cyprus-based group holding a significant equity interest in Viva Armenia.
    Viva Armenia Closed Joint-Stock CompanyTarget CompanyCompanyAn eminent telecom company in Armenia, noted for its vast subscriber base and market influence.
    Wenxi HeCEO of Metal Sky StarPersonThe CEO who is confident about the acquisition bringing value to stakeholders.
    Republic of Armenia's State AuthoritiesRegulatory AuthorityGovernmentResponsible for granting necessary permissions for the acquisition to proceed.