ADB buys Pirelli Broadband
October 21, 2010
Advanced Digital Broadcast Holdings (ADB), has bought Pirelli Broadband Solutions for E30 million – E22 million in cash and 400,000 ADB shares, about 7 per cent of the company which is quoted on the Swiss exchange. Pirelli’s disposal is part of its stated strategy of focusing on its core tyre business.
ADB says acquiring Pirelli is an important step in the Group’s strategy: the Group will gain an important piece of communication technology and product that fits nicely into its overall vision of converging multimedia. In the near term, the acquisition will also add significantly to the Group revenue.
Francois Pogodalla, CEO of ADB commented: “The acquisition of PBS helps us to strike to the core of convergence of pay TV and IP-based, multimedia, and multiscreen services. It brings us a complete portfolio of broadband gateway products and know-how which we will combine with our pay TV set-top boxes, our Virtual Gateway home networking platform, and our Carbo user interface. We will be in a position to deliver to operators an end-to-end, converged multi-service set of solutions based on open-standards and interoperability. We see this acquisition as a clear increase of our overall strength, both in the marketing and sales as well as in the R&D areas.”