Copying and distributing are prohibited without permission of the publisher
Pace gets $450m loans to buy 2Wire
02 September 2010
HSBC and RBS are providing set-top box maker Pace with $450m in loans in order to buy 2Wire
Read more:
Pace
2Wire
HSBC
RBS
BT
AT&T
Telmex
BBC
Project Canvas
Pace, a UK set-top box maker, has received $450 million of loans to help fund its acquisition of 2Wire, a US broadband technology company.
California-based 2Wire, which is owned by a group including Alcatel-Lucent, AT&T and Telmex, supplies software and services for AT&T’s television and high-speed broadband customers.
The loan includes a $300 million term loan and a $150 million revolving credit. HSBC Holdings and Royal Bank of Scotland Group are providing the loan. The UK company cancelled a $54 million credit line with RBS.
The acquisition, which Pace expects will boost its customer base beyond cable and satellite into internet TV, is still awaiting shareholder approval. It is involved in the Project Canvas service, a UK scheme supported by BT and the BBC, which will allow users to get TV programmes via the internet to display on their TV sets. GTB