Amino to buy Entone for USD 73 million

Global IPTV STB company Amino Technologies has conditionally agreed to acquire Entone for a total of USD 73.0 million, or GBP 46.7 million. Amino said that Entone, a provider of cloud TV and connected home products, will help increase its global footprint and scale and consolidate a direct competitor. Amino expects EBIT synergies of GBP 1.0 million in first full year of ownership.

Under the terms of the agreement, Entone shareholders will receive an initial consideration of USD 65.0 million cash upon completion. A deferred consideration of USD 8.0 million will be paid in cash to management on the first and second anniversaries of the completion. The acquisition is expected to be significantly earnings accretive in the full year (FY 2016), Amino said. Entone had net cash of USD 12.0 million at end-May, with net assets of USD 15.9 million.

To help fund the deal, Amino hopes to raise GBP 21.0 million by placing 16.15 million shares at 130.0 pence per share. Canaccord Genuity has been appointed as financial adviser and joint bookrunner in connection with the acquisition and placing, with finnCap as joint bookrunner for the placing. The company will also draw on its revolving credit facility of USD 8.0 million to help fund the deal. At end-May, Amino had a cash balance of GBP 17.3 million.

Completion of the acquisition will be conditional on completion of the placing, which will be put to shareholder approval during the company’s AGM on 10 August.

Amino also reported preliminary results for the first half, showing revenues up 9 percent from the year before to GBP 17.9 million and EBITDA, before exceptionals, 34 percent higher to GBP 3.9 million. Profit from continuing operations attributable to shareholders lifted to GBP 3.6 million from 1.7 million.

Amino expects the positive trading to continue in the current year and reiterated its commitment to pursue a progressive dividend policy of no less than 10 percent growth per annum up to and including the year ending 30 November 2016. The company announced an interim dividend of 1.265 pence per share.

Looking forward, the company said it is confident it will meet market expectations for the full year, prior to the impact of the acquisition of Entone.


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