France-based satellite operator Eutelsat Communications has finalised a deal with SpeedCast International to sell its 70% stake in Wins for approximately €60m.
Assumed through Skylogic, Eutelsat’s wholly-owned subsidiary, Wins currently provides maritime connectivity services to passenger vessels in the Mediterranean region.
Through its German subsidiary DH-Intercom, Wins also provides principally L-band connectivity and VSAT solutions to merchant vessels.
With the deal, SpeedCast will include more than 2,000 merchant ships and 100 passenger vessels to its in-service fleet.
The sale is in line with Eutelsat’s continuous strategy of streamlining its asset portfolio in order to maximise free-cash-flow generation.
SpeedCast chief executive Pierre-Jean Beylier was quoted by marinemec.com as saying: “This acquisition is further affirmation of SpeedCast’s growth strategies.
“WINS brings expertise in the cruise industry in Europe, a fast growing user of satellite communications.
“Together, we are well poised to expand our network to support the growing demand of VSAT services in the maritime sector.”
The company will be benefited from Wins’ existing presence in the German maritime market.
Currently, SpeedCast provides managed networks services in over 90 countries and a global maritime network serving customers across the world.
The company also has over 5,000 links on land and at sea supporting mission critical applications and operates 40 international sales and support offices as well as 39 teleport operations.