London, Sep 2, 2016 – Speedcast International Ltd (“Speedcast” or the “Group”), a leading global satellite communications and network service provider, today announced the completion of the acquisition of WINS Limited (“WINS”) in accordance with the terms of the Share Purchase Agreement signed on 8 August 2016. WINS, which was owned by Eutelsat Communications and Maltasat, was acquired for all-cash consideration of EUR 60.0 million (USD 66.9 million)[1]. The consideration was funded by available cash following the recently completed AUD 61.2 million (USD46.5 million)[2] equity placement and via the Group’s committed debt facilities.
Further details of the acquisition were included in the ASX announcements made on 8 August 2016.
[1] Based on EUR:USD of 1.115. Excludes transactions costs of approximately USD1.9 million (including debt refinancing costs and equity raising costs)
[2] Based on completion of First Placement Tranche and AUD:USD of 0.76. See ASX Announcement 9 August 2016