Salter Brothers Tech Fund acts as lead investor in SKM Telecommunication Services Pty Ltd’s 100% acquisition of SkyMesh Pty Ltd for an enterprise value of A$50.8m

Press Release | 24 December, 2024

On 20 December 2024 BigBlu Broadband PLC UK CN 09223439 (AIM: BBB.L) (BigBlu Broadband) shareholders approved the 100% acquisition of SkyMesh Pty Ltd ACN 613 736 137 (SkyMesh) by SKM Telecommunication Services Pty Ltd ACN 668 198 909 (SKM) for an enterprise value of A$50.8 million (Acquisition).

SkyMesh is an Australian telecommunication and internet services reseller that provides satellite and fixed wireless internet services targeting regional and rural areas across Australia with a focus on nbn satellite connections.

SkyMesh manages over 50,000 customers, has revenue of approximately A$44.0 million (FY2023) and earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately A$6.7 million (FY2023). SkyMesh primarily operates in the B2C sector and is currently seeking to expand into the B2B market.

Salter Brothers Tech Fund (SBTF) originated the deal, facilitated the Acquisition and is a lead investor in SKM, representing SBTF’s third investment in the last 12 months. SBTF, through its appointed representative(s) on the Board of SKM, will play an active role in the ongoing management and expansion of SkyMesh.

Gregg Taylor, Investment Director at Salter Brothers commented, “Salter Brothers, alongside its network of industry specialist advisors and operators, looks forward to working closely with SkyMesh management to implement a targeted growth strategy and unlock further commercial and financial opportunities for the company. SkyMesh has a strong strategic footprint in the regional telecommunications market, with multiple opportunities for further growth.”

SKM was advised by Salter Brothers Capital Pty Ltd (financial adviser), HWL Ebsworth (legal) and RSM Australia (accounting and tax).