- NextNav ( NASDAQ: NN ) announced Wednesday that it has completed the acquisition of privately held low-power geolocation solutions provider- Nestwave SAS- for $19.3M.
- The transaction implies an enterprise value of $18M where gross proceeds of $19.3M consisted of $4.3M in cash and $15M in NextNav common stock with lock-up of 1 year.
- Based in Neuilly-sur-Seine, France, Nestwave provides advanced geolocation solutions to Internet of Things ("IoT") modem and digital signal processor vendors and end IoT users.
- "The acquisition of Nestwave presents a unique opportunity for NextNav to optimize further the use of its existing spectrum bandwidth, while contributing to a drastic decrease of our TerraPoiNT system's future capital and operating expenditures," said Ganesh Pattabiraman, NextNav Co-founder and CEO.
- The company said it expects to reduce its deployment costs by approximately 75% or in excess of $250 million, along with a commensurate reduction in associated network OpEx costs.
- Transaction was closed on Oct. 31.
For further details see:
NextNav acquires French geolocation provider for $19.3M