AINMT enters the Philippines
Stockholm, 26 November 2015 – AINMT Holdings AB (“AINMT”) is pleased to announce that is has signed a definitive agreement to invest in Philippine 4G player Broadband Everywhere (“BE”).
BE owns nationwide LTE frequencies in the Philippines. AINMT and its local partner will invest funds to build a complementary 4G network providing wireless internet access for business and residential customers as well as the M2M market.
The Philippines has a population of approximately 100 million people and consists of 7,107 islands with a total land area of 300,000 square kilometers.
“This is the first step of AINMT’s expansion plans outside Scandinavia. It opens up a significant market for us. AINMT’s approach of covering large areas through low frequencies is ideally suited for a market such as the Philippines. Further, our 4G-only strategy will allow us to deliver a very good service to underserved areas,” says JD Fouchard, CEO of AINMT.
All condition precedents for this transaction have been met and funding will occur within next few days.
Today, AINMT operates throughout Scandinavia on 4G-only networks in Norway (ice.net), Sweden and Denmark (Net1).