Globes: ECI Telecom files for $230m London IPO
ECI CEO: Funds raised will fuel our growth and place us in a leadership position in 5G Integrated Transport Solutions.
Veteran Israeli communications equipment company ECI Telecom has announced that it has filed for a $230 million IPO on the London Stock Exchange, at a company valuation of $600 million, half the value for which Shmuel Shani’s Swarth Group acquired it in 2007. The money will be used by the company for investment and to reduce debt. The IPO, set to go ahead in the coming few months, will be led by Barclays and UBS.
The Petah Tikva based company provides comprehensive networking and data transport products and solutions to service providers, utilities and governments, and defense and security customers. ECI says it has been the fastest growing provider among its key European and US based peers since the beginning of 2017.
ECI president and CEO Darryl Edwards said, “I’m delighted for ECI to be taking this important next step in its journey. It’s a real positive testament to the strategic decisions and investments that we have made in new products and technologies that will now fuel our growth and place us in a leadership position in 5G Integrated Transport Solutions.”