Proximus - Making a bold move in CPaaS & DI via Route Mobile
Acquiring a 58% stake (could become 75%) in Route Mobile for EUR 643mThe company is active in CPaaS services and Digital Identification. The combination with Telesign makes it the 3rd largest player globallyWith a consensus FY24E EBITDA of EUR 62m the price tag implies a 17x EV/EBITDA multiple but dropping materially when including the EUR 90m targeted synergies by year-3Given the reinvestment of up to 14.5% in the joint business or EUR 300m, leverage ought to stay within covenants, entaling <3x net debt/EBITDAProximus supplies integrated telecommunications services on the Belgian market. Co.'s activities are divided into four segments: Consumer Business Unit (CBU), which sells voice products and services, internet and television, on fixed and mobile networks, to residential customers; Enterprise Business Unit (EBU), which caters to professional customers; Service Delivery Engine and Wholesale, which centralizes all the network and IT services and costs, provides services to CBU and EBU and sells these services to other telecom and cable operators; and International Carrier Services, which focuses on international carrier activities.
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