Casa Systems, ultrabroadband firm and NetComm Wireless have entered into a definitive agreement under which the US firm will acquire 100% of the equity interests in NetComm through a scheme of arranprovedesgement which valued NetComm’s issued equity at approximately $161 million.
NetComm shareholders will receive cash consideration of A$1.10 per NetComm
ordinary share (Scheme Consideration) and NetComm will become a wholly-owned . The transaction – subject to NetComm shareholder approval and court approval – will be funded from Casa Systems’ existing cash on balance sheet.
NetComm said each of its directors consider the Scheme to be in the best interests of NetComm’s shareholders and unanimously recommend that shareholders vote in favour of the Scheme, subject to no interests of NetComm’s shareholders.
The Lane Cove company also announced that due to family health issues Ken Sheridan has stepped aside from the role of Managing Director and CEO, effective immediately. Sheridan will continue as an Executive Director on the Company’s Board.
NetComm Chairman Justin Milne said Sheridan had been a vital contributor to the growth of the company during his eight year stretch as CFO and later CEO. “He has been a key member of the executive team that transformed the company, delivered record results in FY2018 and put in place a strong team to execute our growth strategy. On behalf of the Board, I want to thank Ken for his leadership and commitment, and I look forward to continuing to work closely with him in his new role.”