Philippines Operator Acquires Stake in Blue Ocean Wireless

Blue Ocean Wireless (BOW), an Irish company delivering GSM communication capability for the merchant maritime sector, has announced that the Philippines based, SMART Communications has agreed to acquire a 30% equity interest in BOW for US$15.9 million. The investment now values Blue Ocean Wireless in excess of US$55 million.

In addition, SMART has an option to acquire a further 19% in BOW, exercisable within the next 3 years. Blue Ocean Wireless' other significant shareholders are Dublin based private equity firm, Claret Capital, Irish remote communications company, Altobridge, and Bank of Scotland (Ireland).

Napoleon L Nazareno, President and CEO of SMART, commented "The global merchant maritime fleet is currently populated by 1.2 million seafarers, of which 40% are Filipinos. Their communications needs are currently served by satellite-based, bridge-mounted or shared fixed phones that tend to be expensive, inconvenient and lack privacy. Moreover, these types of phones allow only a limited number of incoming calls and do not provide for SMS or texting. The innovative Blue Ocean Wireless service will enable seafarers to bring their mobile phones onboard their vessels and use them just as if they were at home or roaming in other countries."

Posted to the site on 8th August 2007