Pace buys Aurora Networks for £192m
SET-top box maker and pay TV and broadband technology provider Pace has bought Aurora Networks for £192m.
Aurora is a £134m turnover developer and manufacturer of advanced optical transport and access network products for broadband networks that support the convergence of video, data and voice applications.
Saltaire-based Pace said the acquisition would position the company to support operators’ and consumers’ constant demand for cost effective delivery of ever increasing bandwidth.
A further £8m is payable by Pace in connection with tax benefits to be recovered over the three years post acquisition and the acquisition will be funded through a new five year loan.
The company also announced it is using the acquisition as an opportunity to refinance its existing debt facilities with a new £93m five-year revolving credit facility, provided by HSBC and RBS.
Mike Pulli, chief executive of Pace, said: “Aurora is a leading player in the pivotal area of optical transport and access network solutions, with a complementary overlap to Pace’s blue-chip customer base and a strong and seasoned team of talented and innovative cable industry professionals.
“With a leading presence in products that are increasingly important for cable operators as they fulfil consumers’ constant demand for ever increasing bandwidth, this transaction further strengthens our relationships with our customers. The combined business will have strong financials and a broad market leading portfolio that will provide excellent opportunities for our customers, employees and shareholders alike.”
