Fri, 11 Jun 2021 | BUSINESS SALE
Bicester-based rural broadband provider BigBlu Broadband has completed its exit from Quickline by selling its holding in the firm to Northleaf Capital Partners.
The sale could potentially rise to £48.6 million, which would represent around a 5.8x return on BigBlu’s original investment in Quickline.
Through the deal, BigBlu has secured an initial cash consideration of £31.1 million, with £10.1 million in deferred payments. On top of this, the firm will receive £7.4 million in loan notes, £5.6 million of which have been satisfied upon the deal’s completion, with £1.8 million deferred.
When the deal was initially announced in April, it was revealed that the loan notes would come with options for them to be converted into partial equity. If these options are exercised, BigBlu could retain a stake of up to 8 per cent in Quickline.
Following the completion of the stake disposal, BigBlu Broadband Chief Executive Andrew Walwyn commented: "We are delighted to have completed the transaction, which provides a significant return on investment and strengthens our balance sheet at the same time as further validating the value proposition of our buy and build strategy."
The Quickline disposal follows BigBlu’s £38 million sale of its European satellite broadband activities to Eutelsat Communications in September 2020.
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