Advised on Recapitalization of Company


Tactical Networks LLC

Company specialized in operation of CDMA networks United Kingdom of Great Britain and Northern Ireland

Acquired Investment Interest in


Leading alternative telecom provider in Bosnia Bosnia and Herzegovina

Advised T3 on the recapitalization of the business from Tactical Networks LLC



T3 is a leading VoIP alternative telecom provider operating in Bosnia and Herzegovina.

Unique Selling Points

T3 is the local sponsor and, since 2005, it has held a strong market presence in VoIP telephony in Sarajevo, with corporate as well as private subscribers. The technology being introduced is based on CDMA (Code Division Multiple Access) and it is a digital wireless data transmission that allows multiple users using the same radio channel. This technology is used in the U.S. and Asia, and T3 Ltd. was among the first in the region with this technology to enter the regional markets of CEE.

The Investor

Tactical Networks (TN), is a UK-based telecommunications management company specialised in establishing 410/430 MHz CDMA networks throughout the region of Central and Eastern Europe. In this investment TN was able to supply critical equipment and infrastructure in order for a full CDMA data service to be launched in Sarajevo, the first of its kind. Tactical Networks will bring management, technology and access to hardware, while the local partner brought Alt telecom hardware, a local sales and marketing team and a string service capability.

The Deal

Tactical Networks and T3 plan to jointly develop fixed and wireless telephone services. The transaction involved two phases, with the first covering the application for a licence to broadcast at the required frequencies. Following a competitive tender the licence was awarded and the second phase covering the importing and setting up of the infrastructure and technology was completed. Currently the operations are covering Sarajevo.



Kemal and Alex were representing the seller as we moved to acquire a substantial part of a company. Whilst at the beginning we were on opposite sides, IMAP helped create an atmosphere which allowed all parties to focus on our aligned goals, a key part of IMAP’s value was understanding our concerns relating to the transaction and finding solutions which also protected their client. The interaction with IMAP helped maintain chemistry between the individuals so that the transaction moved smoothly towards a successful end.

At the end of the process, not only was there a successful agreement, but also a good friendship, with IMAP providing guidance and advice as we move forward – which indicates the level of trust and comfort we felt in dealing with both Kemal and Alex.

My experience with IMAP is that they are uniquely positioned in this region to provide a level of support and expertise that exceeds competitors who are much larger than themselves, and would certainly like to work with them on ‘my’ side the next time round!

Parantha Narendran