Bigblu Broadband PLC - Bicester, England-based broadband services provider - Agrees to sell UK and European satellite broadband operations to Eutelsat SA for up to GBP39.3 million. Initial consideration of GBP37.8 million is payable in cash. Additional consideration of up to GBP1.5 million could be paid over the course of the 12 months following completion, subject to certain conditions. Disposal provides the company with the opportunity to crystallise an attractive return on invested capital and reduce net debt. It also provides additional financial flexibility to support the further progress of continuing businesses. Upon sale completion, Bigblu's remaining operations will consist of its Australian operations, majority interest in Quickline and Nordics business.
Current stock price: 96.15 pence
Year-to-date change: down 1.4%
By Tapan Panchal; tapanpanchal@alliancenews.com
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Bigblu Broadb. (BBB)