Acotel Group has signed a preliminary agreement with Telecom Italia for the sale of the entire share capital of the MVNA (Mobile Virtual Network Aggregator) Noverca.
The transaction will presumably be completed by the end of October and will be settled on the basis of a price equal to the Enterprise Value of 4,5 million. The consideration was adjusted for the target company's net financial position as at 31 October 2016, provisionally quantified at around 500 thousand euros. A sum of 450.000 euros will be held for 27 months in an escrow deposit to guarantee the commitments undertaken by the seller, to which a further maximum amount of 500 thousand euros will also be paid if the Noverca platform complies with the performance indicators declared and Acotel Group supports actively Telecom Italia in the integration of the same.
The financial resources generated by the transaction will allow Acotel to accelerate the development and enrich the offer of products and services for the advanced monitoring of electricity, water and gas consumption, marketed by the Acotel NET division.
