Nevion and T-VIPS announce intention to merge
Following a mutual due diligence, Nevion and T-VIPS have announced an intention to merge the companies pending regulatory and shareholder approvals. The merger is structured as a cash and shares transaction, no further financial details of the deal are to be revealed.
The new management structure sees existing Nevion head, Geir Bryn-Jensen, take up the reins as Chief Executive Officer. He is joined by senior managers from both companies’ current teams: Eugene Keane, Nils Fredriksen, Petter Kvaal Djupvik, Johnny Dolvik, Janne T. Morstøl and Arnhild Schia.
Johnny Dolvik, CEO of T-VIPS, said: “Joining forces with Nevion will give us critical mass, increased market presence and enables us to realise our shared vision to shape the future of media transport right across the media value chain. It makes a real statement to the market. We have a complementary culture of innovation and a vision that we believe will resonate and bring benefits to our customers and partners. We’re very excited by this opportunity and are very much looking forward to working with our new colleagues to realise our joint vision.”
Geir Bryn-Jensen, CEO of Nevion, added: “With the explosion in global media consumption and the growing need for broadcasters and service providers to deliver media content quickly on multiple platforms, the timing of our merger makes perfect sense. Now is the right time to profit from the rapid shift towards media networking over IP, deliver the new generation of optical transport and enable the emerging media delivery business models.”