BMIT finalises €6.9m submarine cable deal with 21-year lease
GO subsidiary BMIT Technologies completes €6.9m purchase of capacity on the Arsinoe Submarine Cable System, securing rights until 2047.
GO subsidiary BMIT Technologies has completed a €6.918 million acquisition of long-term submarine cable capacity rights, establishing its first operational presence outside Malta.
The company confirmed completion on 10 November 2026, following an agreement announced in August. The rights were transferred from Cablenet Communication Systems to BMIT Technologies (Cyprus) Limited, BMIT’s wholly owned subsidiary.
The acquisition covers an indefeasible right of use, or IRU, representing 5% of the Arsinoe Submarine Cable System’s prevailing capacity, together with capacity already operational on the Alexandros system.
Arsinoe links Cyprus with Egypt and France. The infrastructure remains owned and operated by the Cyprus Telecommunications Authority, CYTA; BMIT has acquired capacity rights rather than ownership of the cable.
Under the terms disclosed in August, the rights expire on 18 February 2047. The purchase price is payable in two instalments: €2.6 million on completion and €4.318 million by 31 December 2026.
Cablenet will continue using part of the acquired capacity under a long-term service arrangement, providing BMIT with an inflation-adjusted annual fee. The remaining capacity is available for BMIT to commercialise with Cablenet or third parties.
Both companies are subsidiaries of GO p.l.c., and the acquisition was approved as a material related-party transaction.
For BMIT, the commercial significance extends beyond securing international bandwidth. The investment creates a revenue-generating infrastructure operation in Cyprus, with Cablenet as its first customer in the market.
BMIT also plans to establish a managed IT services business there, extending capabilities developed in Malta into a larger regional market.
The transaction therefore combines an existing customer relationship with scope for additional connectivity sales and services. Its contribution to future growth will depend on how effectively BMIT develops that wider Cypriot business alongside the contracted infrastructure revenue.