US satellite communications solutions provider Globecomm Systems (NASDAQ:GCOM) said Monday it has acquired Dutch satellite services provider Carrier to Carrier Telecom BV (C2C) and assets of Evolution Communication (Evocomm) from Carrier to Carrier Telecomm Holdings (C2C Holdings) for USD15m in cash.

The company will use its existing cash of USD2.5m and its USD12.5m credit facility to pay the purchase price. C2C Holdings could receive up to an additional USD10.9m based on the achievement of certain milestones over the next two years.

The acquisition of C2C will expand the footprint of Globecomm on both sides of the Atlantic and will provide a permanent foothold in Europe, Globecomm's president and chief operating officer Keith Hall said.

Arcadia Securities LLC acted as financial advisor to Globecomm, while Kramer Levin Naftalis & Frankel served as legal advisor to the company on the deal.

 source:tmcnet