Nevion and T-VIPS have just announced an intention to merge the companies. Planned to come into force on 1st January 2013, subject to regulatory and shareholder approval, the merger is structured as a cash and shares transaction.
The new management structure sees existing Nevion head, Geir Bryn-Jensen, take up the reins as Chief Executive Officer. He is joined by senior managers from both companies’ current teams, among them Johnny Dolvik, currently CEO of T-VIPS.
“With the explosion in global media consumption on multiple platforms, the timing of our merger makes perfect sense,” said Bryn-Jensen. “Now is the right time to profit from the rapid shift towards media networking over IP, deliver the new generation of optical transport and enable the emerging media delivery business models.”
Dolvik said that joining forces with Nevion would deliver critical mass, increased market presence and enables both companies to realise a shared vision.
“It makes a real statement to the market,” he added. “We have a complementary culture of innovation and a vision that we believe will resonate and bring benefits to our customers and partners.
“It really is a true synergistic case for us,” said Bryn-Jensen. “It sounds like bad mathematics, but in this case one plus one is actually equal to three.” – Michael Burns