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Hawaiian Telcom Completes Acquisition of Wavecom Solutions Corporation Print E-mail
Written by Hawaiian Telcom Holdco, Inc.   
Monday, 31 December 2012
Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM), Hawaii's leader in integrated communications solutions, today announced that its Hawaiian Telcom, Inc. subsidiary has completed the acquisition of all of the capital stock of Wavecom Solutions Corporation (Wavecom Solutions), an information and communications technology company and facilities-based competitive local exchange carrier headquartered in Honolulu.

HONOLULU, Dec. 31, 2012 -- Wavecom Solutions
provides voice, data and converged services to small and medium-sized
business and carrier customers through a six-island subsea and
terrestrial fiber network.

"We are pleased that the acquisition has closed and we can welcome
Wavecom Solutions' employees and loyal customers into our Hawaiian
Telcom family," stated Eric K. Yeaman, President and CEO of Hawaiian
Telcom. "By adding Wavecom Solutions' fiber network and business
capabilities to our technology and operations, we'll enhance our
ability to serve growing customer demand for high speed Internet
bandwidth and advanced communications."

With the acquisition complete and as integration of Wavecom Solutions'
fiber network occurs, Hawaiian Telcom's network capabilities will be
enhanced through augmentation of fiber capacity and diversity
statewide. The company will be better positioned to deliver next
generation, end-to-end solutions to customers throughout Hawaii and
drive long-term value for shareholders.

Hawaiian Telcom first announced the definitive purchase agreement to
acquire Wavecom Solutions on July 12, 2012. Approvals from the Federal
Communications Commission and Hawaii Public Utilities Commission were
obtained on December 28, 2012. The stock purchase transaction closed
today (Dec. 31, 2012) at a purchase price of approximately $9.6 million
(subject to adjustment based on final working capital calculations),
paid with existing liquidity using cash on hand. It is estimated that
the transaction will generate approximately $4.5 million of annual
unlevered free cash flow upon completion of integration activities as a
result of net incremental revenues and EBITDA of approximately $7
million and $3.5 million, respectively, as well as network related
capital expenditure synergies.

Forward-Looking Statements

In addition to historical information, this release includes certain
statements that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, any statement, projection or estimate that includes or
references the words "believes", "anticipates", "intends", "expects",
or any similar expression falls within the safe harbor of
forward-looking statements contained in the Reform Act. Actual results
or outcomes may differ materially from those indicated or suggested by
any such forward-looking statement for a variety of reasons. More
information on potential risks and uncertainties is available in recent
filings with the Securities and Exchange Commission, including Hawaiian
Telcom's 2011 Annual Report on Form 10-K. The information contained in
this release is as of December 31, 2012. It is anticipated that
subsequent events and developments may cause forward-looking statements
to change.

About Hawaiian Telcom

Hawaiian Telcom Holdco, Inc., headquartered in Honolulu, is Hawaii's
leading provider of integrated communications solutions for business
and residential customers. With roots in Hawaii beginning in 1883, the
Company offers a full range of services including voice, video,
Internet, data, wireless, and advanced communication and network
services supported by the reach and reliability of its network and
Hawaii's only 24/7 state-of-the-art network operations center. With
employees statewide sharing a commitment to innovation and a passion
for delivering superior service, Hawaiian Telcom provides an Always
On(SM) customer experience. For more information, visit
www.hawaiiantel.com.

The Hawaiian Telcom Holdco, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10087
 

 


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