Satellite Solutions Worldwide in transformational deal

Shares in Satellite Solutions Worldwide (SSW) wheeled almost 7% higher as it unveiled an acquisition that will turn it into UK's leading satellite broadband provider.

The transformational deal of Avonline Satellite Services Holdings will more than double its existing customer base of about 17,000 to roughly 35,000 across Europe.

SSW would pay an initial £10m for the acquisition. It would also receive £12m of investment thanks to a new £12m financing agreement with Business Growth Fund (BGF).

"The acquisition generates a number of economies of scale and operational benefits which we already have plans to implement following completion," the company said.

"We anticipate this new base will allow us to benefit considerably from the accelerated future roll out of the BDUK (Broadband Delivery UK) voucher scheme."

At 13:07 BST, shares in Satellite Solutions Worldwide were up 6.45% to 8.25p.