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NEWS

October 2012
Curtis Advises Comverse, Inc. on the Closing of its Sale of Starhome B.V.

 

On October 19, 2012, Curtis client Comverse Holdings, Inc., a wholly owned subsidiary of Comverse, Inc., completed the sale of its interest in Starhome B.V. to several funds managed by Fortissimo Capital.  Under the terms of the Share Purchase Agreement entered into between Comverse Holdings, Inc., the other Starhome shareholders and Fortissimo on August 1, 2012, the sellers received aggregate cash proceeds of approximately $81.3 million, with $10.5 million of the proceeds being held in escrow for up to 24 months.

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, Inc. 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, Danny Phillips and Ellen McGrath.

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