Pareteum and Artilium Announce Agreement for Pareteum to Acquire Artilium in $104.7 Million Transaction
Pareteum Corp (NYSEA:TEUM) and Artilium plc (AIM:ARTA) announced that they have reached reached agreement for Pareteum to acquire Artilium. Pareteum is a cloud communications platform company with vast majority of its platform comprised of its own proprietary software. As quoted in the press release: Under the terms of the acquisition, which have been further detailed …
Pareteum Corp (NYSEA:TEUM) and Artilium plc (AIM:ARTA) announced that they have reached reached agreement for Pareteum to acquire Artilium.
Pareteum is a cloud communications platform company with vast majority of its platform comprised of its own proprietary software.
As quoted in the press release:
Under the terms of the acquisition, which have been further detailed today in an announcement issued under Rule 2.7 of the UK Takeover Code, each Artilium shareholder will be entitled to receive 0.1016 Pareteum shares and 1.9 pence in cash per Artilium share upon completion of the transaction. The acquisition values each Artilium share at 19.55 pence and the entire issued and to be issued ordinary share capital of Artilium at approximately $104.7 million (or £78.0 million), based on Pareteum’s closing share price of $2.33 on June 6, 2018 and the exchange rate of US$1.3413: £1.
The transaction has been approved by the Pareteum Directors and all of the independent Artilium Directors (the “Artilium Recommending Directors“). The two companies recognize that the businesses are a natural fit and that Artilium complements and extends Pareteum’s geographic footprint in Europe.
Commenting on the acquisition, Robert H. Turner, Founder, Executive Chairman and Principal Executive Officer of Pareteum, said: “Artilium and Pareteum have a natural fit when considering the award-winning products and services that will be combined and offered, the expansion of addressable markets, making us truly global in reach, and the resulting improved executive and operating talent to lead our company to even higher achievements and results. Since October 2017, we have operated in a strategic alliance with Artilium, which has had materially positive results. We will now turn our attention to accelerating this as one company. It has been a pleasure and great honor to work with Jan-Paul Menke and Bart Weijermars to combine our companies. The vision of open mobility and open applications now takes a demonstrable leap forward.”
Commenting on the acquisition, Jan-Paul Menke, Non-Executive Chairman of Artilium, said: “Pareteum and Artilium make a powerful combination. Our Artilium shareholders are very pleased with this transaction. We have grown Artilium with several well selected transactions, in addition to the sales and business development achievements we have produced. With the now significantly enhanced operating capabilities of the combined companies, we expect even more opportunities to become available and further improve the outlook for shareholder growth and value to be reflected in our business. Bart and I have had a positive and constructive experience in working with Robert H. Turner and his Pareteum “TEUM” to now create a very powerful platform company, and, it is one that we feel has the capability for significant future growth.”