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NEWS

August 2, 2012
Curtis Advises Comverse Technology on the Sale of Starhome B.V.

 

On August 1, 2012, Curtis client Comverse Technology, Inc. and its wholly owned subsidiary Comverse Holdings, Inc., together with Azini Capital and Gemini Israel Ventures, entered into a Share Purchase Agreement for the sale of Starhome B.V. to several funds managed by Fortissimo Capital.  Under the terms of the Share Purchase Agreement, the sellers are expected to receive aggregate cash proceeds of approximately $80.3 million, subject to adjustment for fees, transaction expenses and taxes.  The transaction is expected to close in October 2012.

Starhome is a provider of wireless service mobility solutions that enhance international roaming.  Wireless operators use Starhome's software-based solutions to generate additional revenue and to improve profitability by directing international roaming traffic to preferred networks and by providing a wide range of services to subscribers traveling outside their home network. The sale of Comverse's 66.5% stake in Starhome is part of the strategic plan announced by the Board of Directors of Comverse Technology earlier this year and is in advance of the spinoff of Comverse, Inc., which is expected to occur in late 2012.

The Curtis M&A team was led by New York partner Evan Borenstein with associates Joshua Geller and Martin Brown and summer associate Frank Mazzucco.  Partner Jeffrey Ostrager and associate Danny Phillips advised Comverse on securities laws matters.

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