MTN Acquired by Perseus

Monday, April 11, 2005
Maritime Telecommunications Network (MTN), of Miramar, Fla., a provider of satellite-based communications, networking and other services to the cruise and offshore oil and gas industries, announced completion of its acquisition by an affiliate of Perseus, L.L.C. Perseus is a merchant bank and private equity fund management company with offices in Washington, D.C. and New York City. Financial terms of the transaction were not disclosed.

Over the past year, MTN has significantly expanded in its core markets and made significant inroads in its military business. In March 2004, MTN launched a joint venture with Cingular Wireless (formerly AT&T Wireless) to give passengers on North American cruises the ability to use their own mobile phones at sea for the first time. The company recently established Maritime Satellite Television Network, which will be the first service to bring land-based-quality television service to cruise ships on a global basis.

David B. Kagan, Chief Executive Officer of Maritime Telecommunications Network, said: “Over the past two years, we have enjoyed a strong and mutually beneficial relationship with David Moross and his colleagues at Falconhead Capital, and I look forward to maintaining an equally strong and equally beneficial relationship with our new partners at Perseus. We particularly look forward to leveraging Perseus’ experience and relationships to grow our business, in our core cruise and offshore oil & gas industries, while continuing to serve our customers.”

Perseus generally invests in companies in which it can participate in the company's strategic planning, operations and development and thereby add significant value to the investment. Curtis Glovier, a Managing Director at Perseus, commented: “We believe MTN is a great company with a bright future and are particularly enthusiastic about the new cellular joint venture with Cingular Wireless.” Maritime Telecommunications Network, Inc., the leader in maritime communications, provides broadband solutions for voice, data, Internet and compressed video services to the mobile maritime industry using state-of-the-art VSAT technology. MTN is focused on cost-effective, high-speed satellite solutions while maintaining the highest standards of quality. MTN's Digital Seas Internet product, the first Information Technology concession, provides turnkey Internet cafés to the cruise and offshore oil and gas industries. More information on MTN is available at www.mtnsat.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Maritime Security

USCG to Ensure Safety During World Series

The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The

Navy to Commission Submarine North Dakota

The Navy will commission its newest attack submarine North Dakota, during a ceremony Saturday, Oct. 25, 2014, at Submarine Base New London in Groton, Connecticut.

UN: Ship Inspections near Somalia for Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1086 sec (9 req/sec)