Portuguese IT company Novabase has sold 100% of its subsidiaries Novabase Digital TV Eurl and DTV Research, as well as 49% of Novabase Digital TV GmbH, to Russian pay-TV specialist General Satellite for €5m in a share transfer transaction.
Novabase…
Portuguese IT company Novabase has sold 100% of its subsidiaries Novabase Digital TV Eurl and DTV Research, as well as 49% of Novabase Digital TV GmbH, to Russian pay-TV specialist General Satellite for €5m in a share transfer transaction.
Novabase Digital specialises in software applications for set-top boxes (STBs) while General Satellite is Russia’s largest developer of STBs and satellite receivers.
The sale was led by the Portuguese company’s venture capital arm Novabase Capital, which stated that the plan for the digital TV business had always been to incubate the subsidiaries until they reached a size where they could be sold.
Novabase stated that the sale would have an overall positive impact of €293,000 in its consolidated accounts for 2013, plus €6m of cash inflow through the release of working capital.
Proceeds from the transaction would be used for the development and internationalization of its core business.
