UK-based internet provider Satellite Solutions Worldwide has made another bolt-on acquisition as part of its strategy to consolidate Europe’s satellite broadband market. The deal marks SSW’s fourth acquisition since it listed on London’s AIM exchange.
UK-based internet provider Satellite Solutions Worldwide (AIM:SAT) has made another bolt-on acquisition as part of its strategy to consolidate Europe’s satellite broadband market.
The company has acquired the customers and related assets of France-based Vertical Connect for a total cash consideration of €1.073m (US$1.14m). Vertical Connect has over 3,500 residential and business customers, giving SSW a total 24,000 satellite broadband customers throughout Europe.
Vertical Connect’s customers and assets, along with seven members of staff, will move into a new SSW group company called Europasat France, along with its other French acquisitions and existing organic customers in France. SSW is now the second largest satellite broadband provider in the country.
The deal marks SSW’s fourth acquisition since it listed on London’s AIM exchange, via a reverse takeover by a special purpose acquisition vehicle called Cleeve Capital in May 2015.
A key part of that transaction was to help SSW go on a buy and build strategy and rapidly gain scale. It was already in advanced talks with a number of targets prior to the listing.
SSW said that, as with previous acquisitions, the purchase will be funded through existing cash resources.