Speedcast International Limited
(ASX:SDA) has completed the acquisition of NewCom International.
On 29 December 2015, SpeedCast announced it has entered into a definitive agreement to acquire NewCom International for an initial consideration of $US11.8 million in cash and $US2.1 million in new SpeedCast shares.
The acquisition was completed in accordance with the agreed terms. The new shares have been issued on completion.
The cash consideration was funded by drawing down from the group’s existing debt facilities following the completion of a $US20 million increase to available facilities.
Speedcast recorded a net profit of $5.9 million at 31 December 2015.
