The acquisition is set to cost £5 million.
Satellite Solutions have announced their plans to acquire the Yorkshire based broadband provider Quickline.
Specialising in bringing high-speed broadband to remote rural areas all over the world, Satellite Solutions are set to pay-out a total of £5 million planning to put £3 million toward a cash consideration and take out £2 million in new ordinary shares.
They also plan to invest a further £2 million directly into Quickline in order to capture any kind of additional growth opportunities that may arise.
“Whilst we are already the leading domestic satellite broadband provider in the UK, the acquisition of Quickline further diversifies our revenue base and broadens our last-mile broadband technology offering,” said Andrew Walwyn, Chief Executive of Satellite Solution.
"Quickline has an established, well-regarded fixed wireless broadband offering which complements our existing satellite technology platform; the combination of solutions will lead to significant growth opportunities in the UK market.”
Following a number of acquisitions over the last couple of years, Satellite Solutions now have a presence in several countries across Europe and the rest of the world including Norway and Australia, but prior to this had no fixed wireless presence in the UK.
A government funded scheme known as Broadband Delivery UK (BDUK) has already awarded Quickline with a number of different grants in order to help them deliver high-speed broadband to the UK’s hard-to-reach rural areas.
Source: Proactive Investors
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