Leading UK law firm Shepherd and Wedderburn has acted for AIM listed Satellite Solutions Worldwide Group in arranging a five-year revolving credit facility with HSBC Bank plc. Almost contemporaneously, it acted for the company in its latest acquisitions in Australia and Norway.
Satellite Solutions, an Oxfordshire-based global communications company, specialises in the provision of high-speed satellite and last-mile broadband solutions for remote locations through group companies in France, Ireland, Denmark, Scandinavia , Australia and the UK. It is the UK’s biggest satellite broadband provider.
The £5m credit facility will be used to consolidate Satellite Solutions’ market share and fund its ambitious expansion plans which include three new acquisitions just completed in Australia and Norway. These include buying Australian broadband provider BorderNET and the customer bases of two Norwegian broadband solutions providers, NextNet, and AS Distriktsnett. Shepherd and Wedderburn acted on all three deals and the group banking security aspects.
Partner, George Frier, who led the Shepherd and Wedderburn team of corporate finance, banking and technology lawyers said: “Satellite Solutions is a market leader in last-mile broadband solutions, and it is great to be working once more with this innovative and ambitious business.”
Chief Commercial Officer at Satellite Solutions, Brian Southward said: “George and his team once again demonstrated the same expertise and dexterity they displayed when they acted for us in a hat-trick of acquisitions last summer. Again, nothing but first class advice and service from the team at Shepherd and Wedderburn.”
Under the new deals, BorderNET's operations will be integrated into Satellite Solutions’ existing Australian business (Skymesh) and NextNet and ASDN will be integrated into its existing Norwegian hub (Breiband). This will bring in an additional 5,500 customers, allowing the company greater market share as well as an opportunity for operational gearing through cost efficiencies and network optimisation.