Pirelli & C and Advanced Digital Broadcast Holdings (ADB), a company quoted on the Swiss stock exchange, today signed an agreement which entails the acquisition by ADB of the entire capital of Pirelli Broadband Solutions SpA (PBS), a company 100%-owned by Pirelli & C.
The total consideration was agreed at approximately 30 million euros and is net of reserves of 8.6 million euros disbursed by PBS to Pirelli & C. last September. The price negotiated, which will be transferred at the closing, consists of 22 million euros in cash and 400,000 ADB shares, corresponding to approximately 7.2% of share capital. With regard to these shares, Pirelli & C. has undertaken a lock-up commitment for the first two months following the closing, as well as a put option for Pirelli & C. and a call option for ADB, which can be exercised within two years. The closing is expected to take place once the transaction has been cleared by the relevant Antitrust authority.
PBS's disposal is part of Pirelli's stated strategy of focusing on its core Tyre business. Its sale to a leading industrial company is intended to ensure the continued growth and development of PBS within the broadband access systems market.
ADB was founded in 1995. We initially focused on developing software for the most advanced digital TV processors. In 1997 our business expanded into the design and manufacture of digital TV equipment. We have pioneered the emerging digital TV industry, taking pride in being the first to market many new technologies. Our solutions are now used in millions of homes throughout the world.
Our business has further expanded, building on our expertise in TV and IP convergence, with a portfolio of pay-TV set-top boxes and their user interfaces, broadband access devices, expandable software platform for connected services, and a range of ready-to deploy pay-TV and home networking solutions.
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