Eutelsat Communications (NYSE Euronext Paris: ETL) and SpeedCast International Limited (ASX: SDA) have signed an agreement whereby SpeedCast will acquire Eutelsat’s 70% stake in WINS Limited for a consideration based on a total enterprise value of approximately €60 million.
Held through Skylogic, Eutelsat’s wholly-owned subsidiary, Wins is a provider of maritime connectivity services to passenger vessels in the Mediterranean region as well as, through its German subsidiary DH-Intercom, a provider of principally L-band connectivity and VSAT solutions to merchant vessels. In a consolidating market, the transaction will enable WINS to benefit from the scale of a leading global network and satellite communications service provider.
The sale of Eutelsat’s stake in Wins is consistent with its strategy of streamlining its asset portfolio in order to maximise free-cash-flow generation.