Espial has purchased all outstanding shares of ANT plc in exchange for all cash consideration of £0.205 per outstanding share. The acquisition values the issued ordinary share capital of ANT at approximately £5 million, or about $7.8 million in Canadian dollars.
In November 2012, Espial first announced it would acquire the publicly traded company that has about 40 employees and customers including major TV manufacturers, set-top box vendors, broadcasters and service providers.
The local company passed a regulatory hurdle in January when ANT’s shareholders approved the acquisition.
“The ANT acquisition further strengthens Espial’s position as an HTML5 market leader to help accelerate TV service providers’ transition to IP video delivery,” stated Espial CEO Jaison Dolvane in a company release.
The U.K. team will remain in Cambridge, and will allow Espial to increase its customer base.
ANT’s shares were formerly listed on AIM, a London Stock Exchange regulated market. Its software has been used by companies including Cisco, France Telecom and Samsung.
Espial underwent a review of strategic alternatives in 2011, but decided not to proceed with a sale.
In its most recent quarterly results, the local company reported an 18 per cent decrease in revenues year-over-year as some customers slowed their purchases.