IRVINE, Calif.-STM Wireless Inc. announced that its 45-percent owned affiliate, SkyOnline Inc., has signed agreements to receive $45 million in new equity from Telfin S.A. and Nouvel Investissement en Technologies S.A.
Existing stockholders in SkyOnline-STM Wireless, Pequot Capital Management and Remec Inc.-also have agreed to contribute $13.75 million in equity to SkyOnline bringing the total investment in the company to almost $59 million.
SkyOnline, a provider of international voice, data and Internet communications services, said it would use the new investment to continue its aggressive expansion into Latin American broadband wireless services.
As a result of the new investment into SkyOnline, STM’s stake in the company will be reduced to approximately 15 percent. STM will receive $4 million from SkyOnline to pay down certain intercompany loans from prior transactions, according to the company.
“We are leveraging the successful existing Latin American operations of SkyOnline and are preparing to offer new broadband wireless services and expand into new markets,” said Claude Burgio, chief executive officer of SkyOnline.
“In recent months, we have assembled an outstanding team to execute on our strategy, and the investment by our new European partners and current shareholders will provide a solid financial foundation from which to reach our goals.”
