Satellite Solutions Worldwide makes earnings-enhancing deals

Satellite Solutions Worldwide is acquiring Breiband.no A.S. and the operations and related assets of SkyMesh Pty Ltd for £11.7m, which it says will be earnings-enhancing this year.

Both businesses provide rural broadband solutions via satellite and fixed wireless to consumers and businesses in Norway and Australia respectively.

The company was seeking to raise £12.1m via the issue of new shares at not less than 6p each through an accelerated bookbuild.

Satellite Solutions said the net proceeds would be used to satisfy the £9.1m cash consideration, with retentions of £1m, and for general working capital purposes.