The sale of BigBlu Broadband to Eutelsat has been completed. BigBlu was bought by Eutelsat for £39.3 million, although there could be an additional sum to be paid.
That final consideration, of some £1.5 million, was subject to the final completion accounts including the actual working capital at completion against an agreed target level and adjustments for cash or debt items. It was expected that such adjustments will be agreed by December 2020, according to a statement.
The sale, which was completed on September 30th, provided ‘a significant return on investment and strengthens our balance sheet at the same time as validating the value proposition of our buy and build strategy,’ Eutelsat said.
Bigblu Broadband is claimed to be the largest distributor of satellite broadband packages in Europe. Bigblu Broadband has developed a well-established platform for satellite broadband, relying on a network of installers and resellers. The activities acquired by Eutelsat (BBB Europe) currently count around 50,000 subscribers across an expanding pan-European footprint which includes operations in the UK, Ireland, France, Germany, Italy, Spain, Portugal, Poland, Hungary and Greece.
The purchase ties in with the entry into service of Eutelsat Konnect, due to start gradually from autumn 2020 with operation at full capacity expected from early 2021, bringing capacity in high-demand areas, improved end-user experience and unparalleled economics and flexibility.