The acquisition, expected to close at the end of July, follows SpeedCast’s purchase earlier this month of the assets of Australian satellite provider NewSat after it was placed in receivership when it failed to secure refinancing for its $611 million Jabiru-1 satellite project.
The deal to acquire SAIT also follows SpeedCast’s acquisition of Geolink Satellite Services earlier this year, a service provider active in the maritime sector, mostly in France.
SpeedCast has signed a definitive agreement to acquire SAIT as part of its plans to bolster its strength in the global maritime market and to enhance its services portfolio, while significantly expanding its exposure to the shipping sector.
SAIT Communications has been active in the maritime communications business for close to 10 years and is a leading provider of advanced communications and IT services to Greek ship owners.
SpeedCastCEO Perre-Jean Beylier said the maritime business was a key growth engine for SpeedCast.
“With this acquisition, we are expanding our presence in major and fast growing maritime markets in southern Europe. These low VSAT-penetrated markets are well positioned for accelerated growth.
“I am thrilled to welcome the very experienced and talented SAIT Communications’ management team, as together we position the group as an even stronger global provider of state-of-the-art communications and IT services to the maritime sector. There are significant revenue synergies between the two companies, and a strong potential for revenue growth and margin expansion in the key markets where SAIT Communications operates.”
SAIT CEO Athina Vezyri said that with SpeedCast’s VSAT experience and global infrastructure and support capabilities, SAIT “will be able to even better fulfill the needs of our maritime customers, and thus achieve accelerated growth.” SAIT Communications’ management team will remain with the SpeedCast group.