Tilgin Sells STB BusinessTilgin Sells STB Business
Tilgin divests its IPTV business to focus on IP residential gateways
November 20, 2008
STOCKHOLM -- Tilgin, a leading provider of solutions for multiplay and next-generation broadband services, today announces that it divests its IPTV business to UK-based Amino Technologies plc and focuses on its IP Residential Gateway business.
Tilgin IPTV AB has been divested for an initial consideration of SEK 30.0 million on a debt-free basis, payable in cash on completion on December 1. Additionally, there is a capped cash earn-out mechanism offering an additional maximum consideration of SEK 15.0 million based on sales in 2009. The net result of the transaction is preliminarily expected to be a loss of approximately SEK 8 million, excluding the earn-out.
“Our IP Residential Gateway business shows good growth and profitability. As we focus our resources in this area, we will take full advantage of our strong position as operators launch the next generation of broadband services”, says Ola Berglund, CEO of Tilgin. “With its broad IPTV product portfolio, Amino has the reach and resources to take the IPTV business to the next level.”
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