Kudelski Group has announced the sale of its SmarDTV device business to new company SmarDTV Global, an affiliate of Neotion.
The deal involves Kudelski's Conditional Access Module (CAM) and Set-Top Box businesses.
According to Kudelski, upfront cash consideration for the transaction amounts to $20 million, subject to customary closing adjustments, with the potential for additional earn-out payments that are primarily based on CAM and set-top box sales volumes in the period up to the end of 2021.
André Kudelski, chairman and CEO, said: ”This transfer of assets to a well established player is part of the Kudelski Group’s strategy to focus on core activities in which it has or will reach critical mass and profitability to fund on-going growth initiatives. In this transaction, we are placing a lot of attention on preserving our customers’ interests and ensuring their full satisfaction over time.”
Lionel Boissier, CEO of Neotion, added: “Neotion is strongly committed to ensure the continuity and the further development of both SmarDTV Global’s CAM and set-top box businesses, including the further development of an innovative product portfolio for the benefit of SmarDTV Global’s customers.”