ExteNet closes on $128.4 million in financing
From: RCR Wireless News
Distributed antenna solution provider ExteNet Systems Inc. has raised $128.4 million in equity funding in a deal that moves SBA Communications Corp.’s DAS assets to Lisle, Ill.-based ExteNet.
The funding round includes the SBA assets, as well as contributions from SSP Offshore L.L.C., an affiliate of Soros Fund Management L.L.C., and all five of the company’s existing institutional investors: Centennial Ventures; Columbia Capital; Sevin Rosen Funds; CenterPoint Ventures and Palomar Ventures.
As part of the deal, SBA’s distributed antenna systems subsidiary, SBA DAS Holdings L.L.C., which operates outdoor solutions primarily in Northeastern cities, were transferred to ExteNet. SBA acquired its DAS assets with the purchase of Lightower in 2008. SBA contributed to the funding round as well and now has an ownership stake in ExteNet, but the companies aren’t breaking out the details of the transaction, said ExteNet Chairman and CEO Ross Manire. The assets include the physical networks as well as employees and existing contracts.
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ZTE to raise $338m from share sale for working capital
From: Total Telecom
Analyst says share sale is response to demand, not because vendor is in need of cash. Chinese telecommunications equipment vendor ZTE Corp. said Thursday it plans to raise HK$2.62 billion (US$338 million) from a share sale and plans to use funds raise for general working capital.
The telecom equipment maker said in a statement it will sell 58.3 million new H shares at HK$45 each, representing a 13% discount to the stock’s closing price Wednesday of HK$51.70. H shares are shares of companies incorporated in mainland China but listed in Hong Kong.
The reference price is close to ZTE’s 52-week high of HK$53.50.The firm said it had considered different types of fund-raising methods and decided on a share sale because it is the most effective way to raise additional capital. A company representative declined to further elaborate.Goldman Sachs (Asia) LLC and Deutsche Bank AG are handling the deal.At 0706 GMT, shares in ZTE were down 2.2% at HK$50.55 each on concerns about dilution, but analysts said the weakness will likely be short-lived as ZTE’s fundamentals remain strong.
Last year, China Development Bank Corp. agreed to provide a US$15 billion loan facility to the company for its overseas projects. Despite ZTE’s strong run in 2009, analysts expect growth momentum to continue this year, driven by network expansion contracts in emerging markets and robust demand for handsets in China.
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Accumulate raises new venture capital
From: Realwire
Stockholm, Sweden –Accumulate gets a new shareholder when PayEx, a Nordic expert in payments, invests in the mobile technology provider. Together with the existing owners’ contribution the company gets over $2 million in new venture capital. Among current owners are the Sixth AP Fund and private investors. The money will be used to further develop the company’s business area for mobile payments and mobile security.
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