Fantastic news for a truly great company. Tiscali International Networks (TINet) has announced that they will become a separate company and entity from Tiscali. BS Private Equity, a private equity firm based in Italy has acquired the International group, which focuses on wholesale IP/MPLS network services. TINet has seen a tremendous amount of growth in the past few years and with the advent of new technologies, the growing requirements of businesses and the needs of Service Providers to get access to more bandwidth and IP addresses, this news is exciting – not just for TINet but for the industry as a whole.
By becoming its own entity, TINet now has the opportunity to move more quickly and swiftly in reaction to the needs by their customers and the industry.
Not only is this a win-win for TINet and the industry, but also gives us all hope. With the global economic situation, there are still companies looking to buy and invest. Congratulations – more to come!
The original announcement is below:
Cagliari, Milano February 3rd 2009
Tiscali and BS Private Equity SpA and BS Investimenti SGR announce to have agreed the acquisition by the latter of the activities held by Tiscali International Network BV, subsidiary of Tiscali SpA, for a total Enterprise Value of ca EUR 47 million, including a potential EUR 7 million earn-out. Closing is conditional upon signing of the
final agreement and approval of the relevant antitrust authorities.
TiNet offers to customers world-wide wholesale IP-MPLS connectivity through a global network covering 3 continents and with over 100 points of presence. In 2008 TiNet had a turnover of over EUR 35 million – compared with a turnover of ca EUR 28 million with the same perimeter – and an EBITDA of ca EUR 10 million
(corresponding to an EBITDA margin of 28%).
Following the acquisition, TiNet will continue to offer IP services to the Tiscali Group.
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