Waystream: Acquisition of Tellus Fiber - Redeye

Redeye has a positive view on Waystream Group’s acquisition of Tellus Fiber for an upfront consideration of SEK30m, plus a potential earn-out of up to SEK10m. The deal is primarily paid in shares (approx. 5% dilution) and includes a three-year lock-up, ensuring strong alignment with the sellers, with founder Peter Hällström becoming a significant shareholder.

We view the transaction as strategically sound, broadening Waystream’s customer base and adding a complementary optics offering. The combination enables clear cross-selling opportunities and supports a broader solution offering, underpinning a “greater than the sum of its parts” case.

Financially, the acquisition appears attractively valued at around 13x 2025 EBIT, with limited downside risk given its size and structure. While we do not yet factor in meaningful synergies, successful execution could provide upside to our estimates over time.

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