A newly formed CCP Capital Strategies affiliate has acquired 100 percent of the stock of Wireless Maritime Services (WMS) from AT&T and Anuvu, according to a press release.
WMS provides maritime cellular networks that enable high-performance, secure connectivity at sea. The current management team of WMS will continue to lead the company, which will now function as an independent platform, according to Wireless Maritime Services.
“This transaction is an important milestone for WMS and we’re excited to partner with CCP to continue to deliver and innovate our best-in-class wireless offerings. Our focus will remain on our customers, employees, and partners as we commence this new and exciting phase for WMS,” commented Pramod Arora, president and chief executive officer, WMS.
“We’ve been close to the WMS story since 2006 when the company pioneered the maritime cellular market and we’re thrilled to partner with this team as the business transitions to be an independent platform,” said David Collier, managing partner, CCP.
The transaction’s terms were not disclosed. CCP was represented by Moore & Van Allen and Morgan, Lewis & Bockius. Drake Star Partners served as AT&T and Anuvu’s sole financial advisor. AT&T’s legal counsel were Kilpatrick Townsend & Stockton LLP and Wiley Rein LLP. Anuvu’s legal counsel was Weil, Gotshal & Manges LLP.
“WMS’ market leadership positions it well to address a rapidly expanding opportunity for specialized wireless connectivity solutions,” added Collier.