Astrocast, a Swiss-based nanosatellite IoT network operator, announced on Monday that it has signed an agreement to acquire Amsterdam-based IoT spacetech startup Hiber.
According to the statement, “Astrocast agreed to acquire all of Hiber’s shares in exchange for the issuance of new Astrocast shares, representing 16.5 per cent of Astrocast’s share capital, calculated prior to its previously announced public offering on Euronext Growth Paris. Hiber’s shareholders also agreed to invest €10.45M in Astrocast’s public offering.”
The acquisition is conditioned on the completion of Astrocast’s public offering on Euronext Growth Paris and is expected to close immediately following the public offering.
Why this acquisition?
This acquisition is expected to bring several benefits for Astrocast, says the company.