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.


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