Malta Stock Exchange-listed BMIT Technologies plc has completed the €6.9 million acquisition of subsea cable capacity rights from Cablenet Communication Systems plc through its wholly owned subsidiary, BMIT Technologies (Cyprus) Limited.

In separate company announcements issued on Tuesday (10th November), both companies confirmed that the transaction had been finalised after all the necessary conditions were satisfied.

The agreement, first announced on 19th August 2026, involves the transfer of Cablenet's rights and obligations under subsea cable capacity agreements with the Cyprus Telecommunications Authority.

"It is the first step in a wider entry into the Cypriot market, where BMIT will also build a managed IT services business. Cablenet Communication Systems plc is the company’s first client in the market, under an agreement running to 2047," BMIT wrote in a statement announcing the news. 

The investment is BMIT’s first outside Malta and adds a third asset category to its digital infrastructure pillar, alongside more than 300 passive mobile tower sites in Malta and a 49 per cent stake in Malta Properties Company plc. BMIT says that it is now able to sell connectivity to operators and businesses moving data between the Middle East, North Africa and Europe, where traffic continues to grow.

“Our ambition is to grow BMIT internationally, across our digital infrastructure and IT services businesses. Cyprus is the first market where we do both. This investment is already generating revenue and Cablenet is committed to it for the long term. On the services side, we are taking what we have built in Malta into a considerably larger market, where companies answer to the same European rules our customers in Malta do. Similarities also exist on matters of data sovereignty, particularly when considering the geopolitical situation we are living in today,” said Christian Sammut, Chief Executive Officer of BMIT Technologies.

Ioannis Mavridis, Chief Executive Officer of Cablenet, added: “Cablenet is the fastest growing telecoms operator in Cyprus and that growth rests on international connectivity our customers can count on. This agreement secures it for the long term and gives us a partner whose core business is building and running infrastructure. Now that BMIT is operating here, we expect to do considerably more together.”

BMIT will announce the leadership and shape of its managed IT services business in Cyprus in the coming weeks.