Last checked at 2 Feb 2023 07:00
Bigblu Broadband plc
("BBB" or the "Company" or the "Group")
Completes Acquisition of Uniti Satellite Customer base
Bigblu Broadband plc (AIM: BBB.L), a leading provider of alternative superfast and ultrafast broadband solutions throughout Australasia and the Nordics, announces that its fully owned Australian business, SkyMesh PTY LTD has completed the acquisition of the Satellite operations of Harbour ISP PTY LTD, a subsidiary of Uniti Group LTD in Australia (the "Acquisition"). The total cash consideration paid on completion was AUD$4.72m (£2.7m) with a retention of AUD$0.2m (£0.1m), to be paid March 2023 post reconciliation of customer numbers.
The satellite operations being acquired currently consist of c.5.9k customers. The customer base is being transferred to SkyMesh who will provide full ongoing support services from its Australian Customer Engagement Centre. Uniti will continue to provide services for up to three months post completion to ensure a smooth transition of the customer base. The transfer of the customer base is expected to be immediately earnings enhancing.
As announced on 5 December 2022, the Directors continue to believe that the acquired operations are expected to generate annualised revenues of c.£2.5m and EBITDA of c.£0.7m with positive cash generation, enabling the Group to continue to reinvest and grow the business in the Australian market.
Andrew Walwyn, CEO of BBB plc, said: "We continue to believe that the profitability of operations being acquired should improve under BBB's ownership given the Group's operational gearing and economies of scale. The board remains focused on creating significant shareholder value through the rapid scaling of BBB's Australasian Operations. In addition, the Board is continuing to explore all options to realise value for BBB shareholders from SkyMesh, including a potential ASX listing of SkyMesh."
For further information:
Bigblu Broadband Group PLC | www.bbb-plc.com |
Andrew Walwyn, Chief Executive Officer Frank Waters, Chief Financial Officer
| Tel: +44 (0)20 7220 0500 |
finnCap (Nomad and Broker) Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance) Tim Redfern / Harriet Ward (ECM)
| Tel: +44 (0)20 7220 0500 |
About Bigblu Broadband plc
Bigblu Broadband plc (AIM: BBB.L), is a leading provider of alternative superfast and ultrafast broadband solutions throughout Australasia and the Nordics. BBB delivers a portfolio of superfast and ultrafast wireless broadband products for consumers and businesses unserved or underserved by fibre.
High levels of recurring revenue, increasing economies of scale and Government stimulation of the alternative broadband market in many countries provide a solid foundation for significant organic growth as demand for alternative ultrafast broadband services increases around the world.
BBB's range of solutions includes satellite, next generation fixed wireless and 4G/5G FWA delivering between 30 Mbps and 150 Mbps for consumers, and up to 1 Gbps for businesses. BBB provides customers a full range of services including hardware supply, installation, pre-and post-sale support, billings and collections, whilst offering appropriate tariffs depending on each end user's requirements.
Importantly, as its core technologies evolve, and more affordable capacity is made available, BBB continues to offer ever-increasing speeds and higher data throughputs to satisfy market demands for broadband and broadband services. BBB's alternative broadband offerings present a customer experience that is similar to that offered by wired broadband and the connection can be shared in the normal way with PCs, tablets and smart phones via a normal wired or wireless route