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Bigblu Broadband to sell stake in Quickline for up to £48.6m
StockMarketWire.com
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Broadband provider Bigblu Broadband said it had conditionally agreed to sell its stake in Quickline to global private markets investment firm Northleaf Capital Partners for up to £48.6 million.
The sale represented an 'excellent return for shareholders of up to 5.8 times the cost of BBB's investment,' the company said.
Upon completion, the company's remaining operations would consist of its Australasian operations, SkyMesh and its Nordics business, Bigblu Norge AS.
Under the terms of the deal, Bigblu would a receive a payment of up to £41.1 million of which £31.1 million would be payable on completion, with a further £10.1 million as an earnout provision being met by no later than 31 March 2022, or in certain circumstances, 31 May 2022.
About £5.6 million would be paid in loan notes, with option to convert into equity and an additional £1.8 million earn-out provision in loan notes.
At 8:57am: (LON:BBB) BigBlu Broadband PLC share price was 0p at 102.5p
Story provided by StockMarketWire.com
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