Pace completes Aurora acquisition
SET-top box maker and pay TV and broadband technology provider Pace has completed its acquisition of Aurora Networks.
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, which was announced in October, would position the company to support operators’ and consumers’ constant demand for cost effective delivery of ever increasing bandwidth.
On completion of the acquisition, Pace paid Aurora shareholders £197m (US$323m) comprising a headline consideration of £189m (US$310m), on a debt and cash free basis, plus a further £8m (US$13m) relating to tax benefits to be recovered over the three years post acquisition.
The consideration for the acquisition is subject to post-completion cash and working capital adjustments.
A five year term loan for $310m to finance the acquisition of Aurora Networks Inc plus a new five year $150m revolving credit facility is now in place.
Pace will make a 2013 full year trading update to the market on Thursday.
