Globecomm Systems Inc. (NASDAQ: GCOM), who provides satellite-based communications infrastructure solutions and services, announced the Company has acquired Carrier to Carrier Telecom BV (C2C) and the assets of Evolution Communication Ltd. (Evocomm) from Carrier to Carrier Telecomm Holdings Ltd (C2C Holdings). The initial purchase price is approximately $15 million in cash, funded through $2.5 million of Globecomm‘s current cash position and approximately $12.5 million through the Company’s existing credit facility with Citibank.
C2C Holdings may also receive up to $10.9 million of additional cash consideration, through a two-year earn-out, based on reaching certain earnings milestones. Arcadia Securities, LLC acted as financial advisor to Globecomm on this transaction and Kramer Levin Naftalis & Frankel provided legal advice. C2C, based in the Netherlands, provides satellite services across Africa, the Middle East, Europe and Asia, and maritime services in the Atlantic, Mediterranean, Gulf of Mexico and the Indian Ocean regions through its teleport facility located in Biddinghuizen, Netherlands. Evocomm‘s wholly owned subsidiary, Evosat SA Pty Ltd, is headquartered in Cape Town, South Africa and maintains an office in Johannesburg. Evosat and Evocomm primarily provide Inmarsat land-based BGAN and maritime-based Fleet Broadband services, along with mobile communications through C2C.
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