Alcatel-Lucent completes sale of satellite unit
01 April 2014 |
Alcatel-Lucent has today announced that it has closed the sale of its satellite unit, LGS Innovations.
The French vendor has agreed to sell LGS Innovations to a US-based investor group led by Madison Dearborn Partners for an estimated $200 million.
The idea was first floated in December last year, and the sale forms part of Alcatel-Lucent’s debt-reducing Shift Plan, which is aiming to generate at least €1 billion through asset sales.
Half of the fee is being paid at closing and the further 50% will form a subsequent component, to be determined on LGS Innovation’s financial results for the 2014 fiscal year.
LGS Innovations is satellite communications provider and among the acquiring investor group is technology investor CoVant, focussed on acquiring and growing companies in the US technology marketplace.
Also part of its Shift Plan, Alcatel-Lucent announced in January that it was looking to sell its enterprise unit.