Syniverse set to splash out on BSG's wireless business
$290 million cash for the Billing Services Group division
Billing Services Group Ltd (BSG) has proposed off-loading its wireless business division for $290 million, and has said Syniverse has signed an agreement for the acquisition. The proposal would combine Syniverse's technology interoperability and network services capabilities with BSG's GSM data clearing business.
BSG is using most of the cash raised from the disposal to re-pay its existingh $250 million debt. It is retaining its wireline business, which generated 60% of its pro forma revenues in 2006, and that business will be re-financed in a $105 million underwriting.
"The proposed acquisition of BSG's Wireless business will allow us to better serve the demands of our clients; further develop our global operations and customer base in Europe, Asia and the Middle East; and allow us to continue to be a leading service provider to GSM operators worldwide," said Tony Holcombe, President and CEO of Syniverse. "The acquisition also brings to Syniverse a number of new services, including a best-in-class financial clearing platform, several new wireless services and additional product development expertise that will position us to better serve the increasingly complex needs of our global wireless customers."
Following completion of the transaction and integration of the two businesses, Syniverse intends to maintain its European headquarters in The Netherlands and its European operations in BSG's facilities in Germany and the United Kingdom.
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