London-based private equity fund Signal Capital Partners is set to acquire Primetel.

The Cypriot telco was recently placed under administration on July 18 after it had defaulted on a loan it had secured from Signal Capital.

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Signal Capital has been a shareholder and has been the primary funder of Primetel for the past five years.

"In recent years Signal has funded the development of Primetel's new state-of-the-art next-generation mobile network and will continue to support the company's operations and investment needs with faith in the capabilities of the company and its people," said Primetel in a statement.

"Primetel maintains its strategic commitment to continuous improvement, steady network investment, and exemplary expansion of the quality services it provides, offering its subscribers the best possible experience."

Although founded in 2003, Primetel didn't enter the mobile market until 2011, when it launched as the country's first mobile virtual network operator (MVNO).

By 2015 the company then secured a license to become the third mobile operator in Cyprus, competing with Cyta and MTN Cyprus.

The telco also has a cable landing station in Geroskipou (aka Yeroskipos), where Reliance Globalcom's (now Global Cloud Xchange) HAWK submarine cable system lands. The company also offers data center services from four locations across Cyprus in Nicosia, Limassol, and Paphos (Anatoliko)