STL acquires Clearcomm to acquire Foothold in UK and Europe

STL announced on Tuesday that it has acquired Clearcomm Group Ltd, a UK based network integration company.

Sterlite Acquires Clearcomm Group

The companies, in a joint statement, disclosed the transaction details. First, Sterlite will acquire 100% of the share capital of Clearcomm in 2 tranches. As such, the first tranche will acquire 80% of the share, which will happen immediately. Sterlite said that this tranche will base itself on an enterprise value of 15.5 million pounds. Further, STL will acquire the rest 20% in 2023, it said in the statement.

STL said that it has acquired Clearcomm "as a part of this global strategy". Moreover, the company wants to enhance the presence of its Network Integration solutions across UK and Europe. Therefore, the desire to expand into Europe has prompted the said M&A.

Incidentally, Clearcomm provides end-to-end network integration solutions in the UK. The statement also said that the company has "long standing relationships with marquee customers in the UK, with over a decade of experience". Also, the statement read that Clearcomm specializes in large scale FTTx network integration projects.

Stuart Evans and Richard Breffitt, Managing Directors, Clearcomm Group, said, "STL has a global vision for enabling digital transformation, and has set off on an exciting growth journey. We, at Clearcomm, are looking forward to adding value with our network integration specialisation and being an integral part of this growth story".

Dr. Anand Agarwal, Group CEO, STL, also said "with the addition of Clearcomm’s network integration expertise to STL’s Optical Connectivity and Data Centre integration capabilities, we are uniquely positioned to help our customers deliver the most advanced, deep-fiberised digital networks".