Satellite Solution makes first acquisition

AIM-listed Satellite Solutions acquired the customers of Irish satellite broadband provider Onwave for €900K, both parties confirmed on Tuesday.

Satellite said the deal includes Onwave’s 2,300 residential and business customers, related assets and support services for 12 months to ensure a smooth transition.

The acquisition gives Satellite a market leading position in Ireland and is expected to enhance earnings immediately, the company said.

Satellite chief executive Andrew Walywn said he was confident the deal was the first of a number of acquisitions and strategic alliances over the coming months.

Shares in Satellite fell 2.76% to 4.40p at 0811 BST.