Spirit Technology Solutions: Completes $21m divestment of fixed wireless assets

Spirit Technology Solutions Completes $21m divestment of fixed wireless assets

• Spirit Technology Solutions (ST1) completes the sale of its wholesale fixed wireless assets to Maret Infrastructure for up to $21 million
• As announced previously, Maret will pay Spirit $15 million upfront plus up to $6 million in earn-out payments over the next two years
• While Maret will acquire the infrastructure assets, Spirit will retain its business customer relationships and revenues and the opportunity to cross-sell its product portfolio to this customer base
• Following the sale and receipt of the upfront payment, the company’s balance sheet will be significantly strengthened with a net debt position of approximately $4 million
• ST1 ends the day 4.08 per cent in the green with shares trading at 5.1 cents