Sterlite Technologies Limited (STL), an integrator of digital networks, has acquired Clearcomm Group Ltd, based in Nottingham.
Clearcomm is a privately held company that provides end-to-end network integration solutions and capabilities in the UK. It has been generating profitable growth with revenues in the range of £20 million and growth rates of over 25% over the past 3 years.
The transaction is structured to acquire 100% of the share capital in 2 tranches. Tranche 1 entails acquisition of 80% of the share capital which will happen immediately (subject to customary pre-closing conditions), and is based on an enterprise value of £15.5 million. The balance 20% shareholding will be acquired in 2023.
Stuart Evans and Richard Breffitt, Managing Directors, Clearcomm Group, said: “STL has a global vision for enabling digital transformation, and has set off on an exciting growth journey. We, at Clearcomm, are looking forward to adding value with our network integration specialisation and being an integral part of this growth story.”
Dr Anand Agarwal, Group CEO, STL, said: “As digital infrastructure investments are increasing across the globe, STL is globalising its System Integration solutions to help build these advanced networks.
“With the addition of Clearcomm’s network integration expertise to STL’s Optical Connectivity and Data Centre integration capabilities, we are uniquely positioned to help our customers deliver the most advanced, deep-fiberised digital networks.”