Avanti Communications Group plc Signs Seven-Year Capacity Lease Agreement worth US$ 84 million
Avanti Communications Group plc (AVN.L, “Avanti”, or “the Company”) has signed a seven-year wholesale capacity lease agreement, worth US$ 84 million over the period, with a major international satellite service provider. The Company will receive US$ 12 million per annum in quarterly instalments for the duration of the agreement once commenced. The agreement is expected to commence in Q3 of the Company’s next financial year ending 31 December 2019.
The capacity lease agreement for its HYLAS-fleet of satellites will increase significantly the Company’s usage and fill-rates.
Kyle Whitehill, CEO of Avanti, said: “This agreement is a major vote of confidence in the Avanti network and offer. Since joining Avanti my ambition has been to drive growth through increased usage of the fleet and this deal does just that. I look forward to continuing to realise that ambition, and the Company looks forward to delivering the great service and support that we are known for.”