Eutelsat sells WINS for €60m
August 8, 2016
By Chris Forrester
SpeedCast International has bought Eutelsat-backed Malta-based WINS (Wideband Interactive Network via Satellite), which specialises in satellite communications for the maritime, aviation and energy industries. One of the WINS core offerings is satellite broadband connectivity to ferries and cruise ships in and around the Mediterranean, which is marketed as ‘GalaxSea’.
Australia-based SpeedCast paid €60 million for the asset.
SpeedCast’s CEO, Pierre-Jean Beylier, commented that “Passenger carrying vessels, particularly cruise vessels, are an attractive growth segment and a natural extension of SpeedCast’s existing Maritime business. Coupled with our strong presence in Asia, where the cruise industry is expected to benefit from the emergence of a sizeable middle class, and also our presence in Miami, the cruise industry’s world capital, this acquisition will facilitate our development of a global cruise business.”
“The acquisition of WINS also takes us closer to our goal of being a top 3 provider in global Maritime services and provides us with a meaningful presence in Germany, a key hub for merchant shipping in Europe and a market primed for accelerated VSAT adoption,” Beylier added.
Speedcast will raise the funds to complete the purchase by issuing new shares.