Broadband technology provider Teleste has sold its Broadband Networks’ planning and services unit in Switzerland to the local management and a private investorThe services business in Switzerland has been operated by Teleste Network Services SA, a subsidiary of Teleste Corporation.
In 2022, Teleste Network Services SA reported net sales of CHF 5.4 million and had 34 employees at the end of the year.
The purchase price has been settled in cash, with the transaction estimated to increase Teleste’s cash flow by EUR 2.2 million in Q2 2023. It will have no material impact on the operating result.
Teleste will report the proceeds from the sale as other operating income. The sale is categorised as an extraordinary item and the income will be eliminated from the adjusted operating result and the adjusted earnings per share. The buyers and Teleste have agreed not to disclose the transaction value.
“Teleste continues to provide its Broadband Networks products and technologies to the Swiss customers both directly and via its sales partner network, and this divestment has no impact on our product deliveries and deployments. We look forward to fostering our traditionally strong presence in Switzerland,” said Mika Kavanti, Vice president of sales, Broadband Networks, Teleste
The operations of Teleste Network Services SA will continue unchanged under the new ownership.
“The change of ownership will have no impact on our current skills and services. The local management and all the staff will remain unchanged and will continue to serve our customers with the same high level of quality. Customer satisfaction will remain our top priority. Greater independence will allow us to be more flexible and better adapted to our customers’ needs. The services will be rebranded under new name later this year.” said Raphael Beaud, managing director of Teleste Network Services SA.
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