Acotel, Noverca, MVNA, Telecom Italia
Italy’s Acotel Group has announced a preliminary agreement to sell 100 percent of its interest in Italian Mobile Virtual Network Aggregator (MVNA) Noverca to Telecom Italia.
The companies had previously reached a deal to transfer Noverca’s more than 170,000 MVNO customers to Telecom Italia back in January 2015.
The latest transaction values Noverca’s MVNA business at EUR 4.5 million, which Acotel said will be adjusted by the value of Noverca’s net debt at 31 October 2016, provisionally valued at approximately EUR 500,000.
The amount of EUR 450,000 will be withheld for 27 months as a guarantee of Acotel’s commitments and Acotel will also receive up to a further EUR 500,000 provided Noverca’s platform achieves certain performance indicators.
Acotel reported revenues of EUR 11.7 million in the first six months of 2016, down 40 percent compared to the EUR 19.4 million reported a year earlier, a fall it attributed to reduced turnover at its Acotel Interactive business area, hit by a slowdown in its Italian and South American markets.