Marconi to Acquire Wireless Network Services Business
Marconi is to acquire Albany Partnership Limited (APT), a European based provider of services to wireless telecommunications network operators and equipment suppliers, for £71.4 million.
Marconi will pay approximately £71.4 million for the shares of APT. The consideration is payable in Marconi shares, loan notes and cash. Marconi has made application for the listing of 1,697,031 new Marconi shares to be issued as part consideration for the shares of APT. Admission of these shares to the Official List is expected to be granted. In addition, a further 692,666 new Marconi shares may be issued over the next 2 years, subject to certain performance conditions being fulfilled.
For the year ended 30 April 2000, APT reported revenues of £19.4 million and a profit before tax of £2.4 million. Customers include all major UK mobile operators.
Commenting on the acquisition Neil Sutcliffe, CEO of Marconi Services said: 'Marconi will invest in APT's development and, together with MSI and our existing network deployment and operation capability, we intend to create a pan-European network infrastructure services business to partner with 3G network operators.'
Andrew Elliman, Managing Director of APT added: 'As a dynamic and forward-looking communications company Marconi provides the ideal atmosphere for APT to maximise the potential of 2 and 3G network roll-outs.'
On the web at www.marconi.co.uk