BMIT Technologies, a cloud, infrastructure, and cybersecurity provider, has received approval from its shareholders for the acquisition of GO's passive tower infrastructure, used for hosting cellular telecommunications equipment.
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Acquisition of Go's Towers
Under this move, BMIT will acquire approximately 280 sites and towers to take over ownership and management of rooftops on which GO has installed or plans to install active equipment for its mobile services to subscribers.
Importantly, BMIT will assume responsibility for the maintenance and upgrading of these sites while allowing GO continued access to operate and provide mobile services on its network. This means the Maltese fixed and mobile operator will remain as anchor tenant on the network.
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Continuity of Operations
Furthermore, as part of the agreement, GO will be required to install and deliver 30 additional sites to BMIT by the end of 2030. BMIT said it will be acquiring these sites/towers for a total consideration of approximately 47.1 million euros.
BMIT Technologies expressed satisfaction with the approval of the transaction, referred to as "Project Sky." The official statement highlighted that Project Sky will have an immediate impact on the company's revenue and performance, strengthening the company while further diversifying and improving its growth profile and revenue base.
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Shareholder Confidence
BMIT Technologies said 'Project Sky' will also have a positive impact on its longer-term margins, and help it reduce dependency on specific sectors. The move aligns with BMIT's transformation into a hybrid IT solutions provider, ensuring stable and guaranteed revenue for the years to come.
The official statement noted that the acquisition received support from 99.99 percent of the Company's shareholders during an extraordinary general meeting held on September 25, 2023.
