Mergers and Acquistions News
Categories: Media & Information Services
January 28th 2011, 16:49PM
BSkyB has confirmed it will acquire The Cloud, a leading European public access provider of Wi-Fi services.
The media giant nestled the deal away in its financial results document for the last six months of 2010, released yesterday (Thursday January 27th), in which it posted operating profit of £520 million, up from £414 million on the same period in 2009.
Sky said the deal will give it ownership of more than 5,000 public Wi-Fi spots in the UK, improving its provision of online services to its customers while they are on the move.
It did not disclose financial terms, but some reports suggest the deal values The Cloud at less than £50 million.
Founded in 2003, The Cloud started life as an indoor hotspot provider before becoming one of the biggest in Europe.
It builds and operates Wi-Fi access points for use in global retailers, restaurants and leisure and hotel chains, and has a total of 22,000 points across 12 European countries. McDonalds, Pret a Manger and the NEC in Birmingham are among its customers.
In a statement, The Cloud said it was "delighted" to have reached an agreement with Sky.
"For The Cloud, the acquisition brings additional resources to support future expansion plans and the acceleration of network rollout into new locations, providing not only a greater density of coverage, but also an improved customer experience."
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