Nekkar to Acquire Globetech to Boost Maritime Connectivity Offering
Norway-based technology group Nekkar has entered into an agreement to acquire the majority of the maritime connectivity and digital service provider Globetech.
Globetech provides ICT (information and communication technology) infrastructure, connectivity and support services to the global maritime sector.
Serving a fleet of 150 vessels, the company offers complete solutions for onboard network infrastructure including hardware, tailored solution architecture and system integration for satellite communications, and develops software and customized ICT solutions that focuses on cybersecurity to ensure secure and continuous operations.
Nekkar has entered into a two-stage transaction with the founders of Globetech which by 2027 secures 100% ownership of Globetech.
In the first stage, Nekkar will acquire 67% ownership of Globetech, whose enterprise value is at signing estimated to $11.2 million (NOK 120 million).
In 2027, Nekkar will acquire the remaining 33% of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027.
The transaction is expected to be completed during the third quarter of 2024.
"Globetech fits perfectly within Nekkar. Both companies operate in the maritime and offshore industries, both use digitalization and software as key enablers to achieve a higher proportion of recurring revenue, and there are strong synergies between Nekkar's portfolio companies and Globetech. In sum, Globetech will constitute a new solid platform for us, and we are delighted to welcome them into the Nekkar family," said Ole Falk Hansen, CEO of Nekkar.