LONDON (ShareCast) - (ShareCast News) - Satellite Solutions Worldwide has acquired French satellite broadband provider Sat2Way SARL for €825,000 in cash.
The global communications company, which already has over 1,000 customers in France, said it sees the territory as a key market in Europe as the French Government has incentivised the roll-out of satellite broadband and currently offers subsidies in many areas.

Satellite Solutions said that after the acquisition, which is expected to be earnings-enhancing within the current financial year, it will be the second-largest satellite broadband provider in France with over 6,500 subscribers. In addition, the company said it is well positioned to target an addressable market of nearly 1m homes in France, equating to 3% of French households.

For the eight months ended 28 February 2015, Sat2Way generated sales of €1.73m and earnings before interest, tax, depreciation and amortisation loss of €0.36m.

Satellite Solutions' chief executive officer, Andrew Walwyn, said: "This is our third acquisition in a key European market since listing on AIM in May 2015; it underpins our growth ambitions and takes our subscriber base to approximately 20,000 customers, a 65% increase since float."

At 1014 BST, Satellite Solutions shares were down 3.1% at 4.48p.

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