Pace Acquires U.S. Gateway, Software Provider
[Satellite TODAY 07-27-10] U.K. satellite broadcast technology developer Pace has acquired 2Wire, a U.S. provider of advanced residential gateways and associated software and services from co-owners Alcatel-Lucent, AT&T, Telmex and Oak Investment Partners for $55 million, the company announced July 26.
“This acquisition will strengthen our Americas business, extending Pace’s U.S. market coverage with entry into the tier-one telco market. We have built a strong position in the United States with cable and satellite operators, and 2Wire, with its expertise in the broadband residential gateway market, will enable us to address a full range of U.S. operator requirements,” Pace CEO Neil Gaydon said in a statement.
Pace said it intends to finance the acquisition from existing cash resources along with with new bank facilities. The bank facilities are under negotiation and the acquisition is conditional upon final agreement being reached on the terms of these facilities.
Pace has been increasing its capabilities in the IP arena this year. In March, the company acquired Bewan Systems, a Paris-based IP and cable gateways specialist, for 12.5 million euros ($16.1 million).
Pace also announced its six-month results to the end of June, with revenues increasing 21 percent to 635.2 million British pounds ($979.31 million). Its profits before tax increased 46 percent to 45.4 million pounds ($70 million).
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