Tue, 07 Jan 2014 | BUSINESS SALE
Pay TV provider Pace has finalised its purchase of Aurora Networks for £197 million.
Based in Canada, Aurora develops and makes advanced optical transport and access network products for broadband networks that backs the convergence of video, data and voice applications. It recorded sales of £134 million for 2013.
Located in Saltaire, West Yorkshire, Pace makes set-top boxes and provides pay TV and broadband technology.
The acquisition was announced in October, and is hoped to strengthen Pace’s standing to meet operators’ and customers’ demands for cost effective delivery of increasing bandwidth.
Pace paid Aurora’s shareholders £197 million (US$323m), encompassing a headline consideration of £189 million (US$310m), on a debt and cash free basis. An additional £8 million (US$13m) was also handed over for the tax benefits to be recovered over the three years following the purchase.
Commenting on the deal Pace’s CEO Mike Pulli said: “Aurora is a leading player in the pivotal area of Optical Transport and Access Network solutions, with a complimentary overlap to Pace’s blue-chip customer base and a strong and seasoned team of talented and innovative cable industry professionals.”
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