TA-backed SpeedCast acquires Dutch satellite provider
SpeedCast, a Hong Kong-based satellite communications service provider backed by TA Associates, has completed a buyout of Elektrikom Satellite Services, a maritime network service provider based in the Netherlands. This is the company’s second acquisition in less than two months.
Founded in 1985, Elektrikom provides satellite and wireless-based communications solutions to the maritime industry, including the oil & gas and offshore supply segments. The acquisition is expected to offer SpeedCast a wider portfolio of products and services in Europe.
"SpeedCast is well established as the leading provider of maritime communication solutions in Asia. While our services are global, we wanted to strengthen our presence in Europe to further support our partners in this key region," Pierre-Jean Beylier, CEO of SpeedCast, said in a statement. "With its strong position in the most important European shipping hub, Elektrikom is an ideal fit."
The deal follows SpeedCast's acquisition of Australian Satellite Communications, which provides satellite-based communications solutions throughout Australia and surrounding regions.
TA Associates purchased SpeedCast from Asia Satellite Telecommunications for $32.2 million last September. Company management holds a minority interest in the special purpose vehicle through which TA structured the deal.
SpeedCast currently manages networks services in over 30 countries throughout Asia, the Middle East and Africa. Edward Sippel, managing principal of TA Associates Asia Pacific, told AVCJ earlier that the company would continue to consolidate the industry through selective mergers and acquisitions by leveraging the private equity firm's global network.
Communications is clearly a favored sector for the private equity firm in Asia. Of the eight investments TA made in the region as of last September, at least three focused on communications.
In 2006, the firm teamed up with Providence Equity Partners, ChrysCapital Partners and Citigroup Venture Capital International to acquire a 34.5% stake in India's Idea Cellular for $1 billion. Three years later, it committed $49.4 million to MicromaxInfoamtics, an Indian handset manufacturer.
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