/ Financials not disclosed 09.08.2012 10:19AM
Nevion, T-VIPS Announce Merger
SANDEFJORD and OSLO, NORWAY–Nevion, a Norwegian-based provider of video
networking technology has announced a merger with fellow Norwegian video
transport provider T-VIPS, pending regulatory and shareholder approvals. The
merger is structured as a cash and shares transaction, no further financial
details were revealed.
Nevion head, Geir Bryn-Jensen will serve Chief Executive Officer of the
combined company and will be joined by senior managers from both companies’
current teams: Eugene Keane, Nils Fredriksen, Petter Kvaal Djupvik, Johnny
Dolvik, Janne T. Morstøl and Arnhild Schia.
Johnny Dolvik, CEO of T-VIPS, said: “Joining forces with Nevion will give us
critical mass, increased market presence and enables us to realise our shared
vision to shape the future of media transport right across the media value
chain. It makes a real statement to the market. We have a complementary culture
of innovation and a vision that we believe will resonate and bring benefits to
our customers and partners. We’re very excited by this opportunity and are very
much looking forward to working with our new colleagues to realise our joint
vision.”
Geir Bryn-Jensen, CEO of Nevion, added: “With the explosion in global media
consumption and the growing need for broadcasters and service providers to
deliver media content quickly on multiple platforms, the timing of our merger
makes perfect sense. Now is the right time to profit from the rapid shift towards
media networking over IP, deliver the new generation of optical transport and
enable the emerging media delivery business models.”