Unify (FIQE3) buys a fiber optic provider from Rio Grande do Sul; Learn more about the deal worth 226 million Brazilian riyals

Being the largest independent fiber optic provider in the south of the country is not the only goal Autism (FIQE3) In the medium term: Going for shopping and increasing its presence in the region is among the company’s objectives.

Focusing on increasing the customer base in Rio Grande do Sul, increasing the offer of services and reaching more cities in the state, Santa Catarina announced on Wednesday (16) the acquisition of Gacha saigo internet.

In response to the news, FIQE3 share prices rose this session, after four consecutive falls in the stock market. Around 1:28 pm, the shares were up 2.32%, trading at R$4.86. Despite this estimate, FIQE3 accumulates losses of over 26% in 2022.

Who is Sygo Internet?

Founded in 2007, Sygo Internet is an Internet provider serving businesses and individuals in 65 cities in Rio Grande do Sul. The total optical fiber network in Rio Grande do Sul is about 7,200 km.

The company’s total reach is about 80 thousand connections, of which 88% are via optical fibers and 12% are via radio.

With the acquisition, Unifique sees its customer base grow by 115% in the state, surpassing 150,000 arrivals.

It should be noted that closing the purchase still depends on the fulfillment of the usual prior conditions, such as the approval of Cade (Administrative Council for Economic Defense) and Anatel (National Communications Agency).

Consolidation of work details

signature value (project value) estimated to Sygo at R$ 226.18 million, including the company’s net debt. In the case of debt deduction, the purchase price is R$134.51 million.

This amount will be paid in four ways. The first consists of a cash payment of approximately 33.6 million Brazilian Real.

Thereafter, approximately R$53.8 million will be paid in 31 equal monthly installments, adjusted for the CDI rate. In the 60th month, the company will pay a single premium of R$13.4 million, also adjusted by CDI.

Once the process is completed, up to the 38th month, the company will have to pay about 33.6 million R$, by transferring approximately 6.5 million FIQE3 shares, considering the price of R$5.1314 per sheet.

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Payment Terms

Shares in Unifique (FIQE3)

The payment portion in the form of shares has a guaranteed minimum return clause, of 96.65%, assessing the value of the FIQE3 share.

In the event of any difference, the premium may be settled in company papers or in local currency, at the sole discretion of the sold company.

If the stock valuation in the 38th month is greater than 96.65%, the positive balance will be deducted from the amount of shares to be transferred to the sellers.

Today, Unifique has six million shares in treasury.

Payment price adjustments

The total purchase price, of R$134.51 million, remains subject to the usual adjustments arising from changes in Sygo Internet’s debt, cash and inventory.

In addition, it is subject to adjustments if any changes occur in the stock price between the date of purchase completion and the day the values ​​are transferred.

earn out

If the goals of expanding Unifique’s customer base in Rio Grande do Sul are met, the deal will also include a profit – a kind of “bonus” paid to former shareholders – of up to R$5.5 million. The possible payment must be determined in the fifteenth month, starting from February 28 of this year.