Shepherd and Wedderburn has acted for Satellite Solutions Worldwide Group plc (Satellite Solutions) on a significant new share issue used to fund two transformational acquisitions.
AIM-listed Satellite Solutions, a leading provider of alternative fast broadband services to rural and remote communities, announced a £12 million share placing on 26 April in order to finance the acquisition of a German satellite broadband company, Satinternet Services GmbH (including its Portuguese subsidiary) as well as a leading Italian satellite broadband company, OpenSky S.r.l..
Satellite Solutions agreed to pay £3.5 million for Open Sky S.R.L and £4.4 million for Sat Internet Services GmbH.
In tandem with the share issue, the company also increased its £5 million banking facilities with HSBC by £3.3 million, which, along with the remainder of the £12 million raised from investors, will be used to fund potential new acquisitions and provide the group with working capital.
The Shepherd and Wedderburn team was led by George Frier, supported by Joanna Boag-Thomson, Calum Hamilton, Joseph Fitzpatrick and others worked closely with Walter Blake, who led on the capital markets side, assisted by Scott Loader and Elodie Briere. WSG firm Heuking advised on German law issues and Ughi e Nunziante on Italian law issues.