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Marco Polo assists Open Sky in SSW acquisition

Satellite Solutions Worldwide Group plc complete the Acquisition of Open Sky S.R.L.
Satellite Solutions Worldwide Group plc (AIM: SAT), a leading provider of alternative fast broadband services, announced the completion of the acquisition of Open Sky S.R.L. ("Open Sky") (the "Acquisition").

Acquisition Highlights
On 26 April 2018 Satellite Solutions Worldwide Group plc (AIM: SAT) entered in an agreement for the acquisition of Open Sky, a leading satellite broadband provider in Italy with c. 14,500 customers, for a total consideration of €5.0m, comprising €4.0m of cash and €1.0m of new Ordinary Shares in the Company, on a debt free/cash basis. For the 12 months to 31 December 2017, Open Sky reported revenue and EBITDA of €10.3m and €0.9m respectively.
This Acquisition represents a new territory for the Company and will form new hub taking the Company to c. 121,000 customers worldwide whilst adding significantly to SSW's operational footprint and scale within Europe.

The Acquisition is expected to be earnings enhancing with a positive free cash flow contribution. Further earnings enhancement will be targeted from cost-synergies post integration of the Acquisitions, increased operational leverage and scale efficiencies, as well as the potential for future bolt-on acquisitions.
On Tuesday 15th the acquisition is complete and all the management of Opensky and SSW is already working on the growth plans and launch of all new initiatives.
Andrew Walwyn, CEO of SSW, commented: "This is a significant landmark in the Company's development and ensures that we are strongly positioned to continue to drive growth. Open Sky is a high quality businesses and we look forward to working with it as part of a significantly enlarged group. We will form a new hub for the business with operations in Italy, which we view as attractive growth markets.
Walter Munarini, General Manager of Opensky, underlined that ”we are proud that Opensky enter in a very important European and International consolidation project that is reshaping our sector. We believe that Opensky can exploit its potential in the context of the new group, with an enlarged customer base for the technology proposed and the resource to play a role as a new regional hub in Italy and as a platform from which to grow organically and add further scale via bolt-on acquisitions across the region”.
Walter Munarini also add “ We have been working already on some important topics in order to launch new services and products and our teams are immediately operative in order to bring important news in the market. Stay tuned since a new exciting era has begun”
Opensky shareholders were assisted by Marco Polo Advisor with Filippo Maria Rozzanigo and Endri Dobi as financial advisor and by Studio BLF with Federico Lolli and Andrea Corbelli as legal advisor.

About SSW
Established in 2008, the Group specialises in the provision of alternative fast broadband for premises located in areas where there are poor wired broadband speeds. With customers in 30 countries, SSW uses satellite and fixed wireless broadband technologies to connect users who are either unserved or underserved.
SSW's solutions target B2C and B2B users, and the Company has products developed specifically for consumers, business and government markets. SSW operates a number of brands such as Europasat (satellite broadband services in Europe), Breiband (Nordics), SkyMesh (Australia) and Quickline Communications (fixed wireless services in the UK) and is a leading provider of fast broadband internet services via satellite and fixed wireless services.
The 2015 listing on the AIM market of the London Stock Exchange, together with funding and support from BGF and other investors in 2016 and 2017, means the Company now enjoys strong organic growth and recurring revenues, complementing its acquisition strategy.
Working closely with satellite owners and operators, SSW targets customers in the 'digital divide' with solutions that deliver up to 40 Mbps satellite based broadband services or fixed wireless to premises, whether residential, commercial or industrial across Europe and Australia, irrespective of location or local infrastructure.
Marco Polo news
Marco Polo Advisor assists Gruppo Cerioni in the sale of certain assets to Unieuro

Forlì, 31th october 2017 Unieuro S.p.A. (MTA: UNIR), the leading omnichannel distributor of consumer electronics and appliances by store count in Italy, yesterday completed the closing for the acquisition of a first set of stores belonging to Gruppo Cerioni S.p.A., as a part of the deal announced on 5 October 2017 relative to 19 directly operated stores, currently operating under the Euronics banner.

Established in the province of Ancona in 1980 and a member of the Euronics buying group since 1996, the Cerioni Group currently owns 20 stores and is the leading electronics distribution chain in the Marche (13 stores), with significant operations in Emilia Romagna (7 stores).
The acquired stores, of sizes between 500 sqm and 4,000 sqm for a total sales area of more than 25,000 sqm, will allow Unieuro to spread its directly operated network in central Italy, generating limited and perfectly manageable overlaps.

The transaction is subject to certain conditions precedent which are typical of this kind of deals. The total consideration for the transaction, which took place without assumption of bank debt and/or debt with suppliers, amounted to € 8 million, of which € 1.6 million to be paid at the closing and € 6.4 million in semi-annual instalments over the next three years. The deal will be financed by using the available liquidity and credit facilities made available by financial institutions.

Marco Polo Advisor acted as financial advisor of Gruppo Cerioni in the deal, with a team composed by Filippo Rozzanigo and Endri Dobi.
Marco Polo news
Pir's Season: What Opportunities for Italian Companies

The introduction of a small fiscal incentive to invest in PIR was enough to change deeply the Italian financial habits: estimates on the fund raising of PIR are beating any forecast, and exceed 10 billion Euro for the current year and 70 billion Euro for the next five years.
This is why we expect a long season characterized by a strong demand for equity securities or bonds listed on the Italian Stock Exchange, thus creating the conditions for capital raising, in equity and bonds, for Italian companies meeting the requirements of financial investors.
What to expect in the coming years? And what are the opportunities for companies that are interested in financing their projects or for shareholders who are willing to partially liquidate their controlling interests? And what are the financial, industrial, legal, corporate or fiscal activities needed to prepare for this new season?
Marco Polo has organized a closed-door meeting inviting managers, entrepreneurs and operators in the financial and legal sectors to deal with these topics for next end of November in Bologna.
For those interested, it is recommended to enroll by communicating their interest in:
Laura Stella, Marketing, l.stella@marcopoloadvisor.it.


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