SINGAPORE - Mainboard-listed Global Invacom Group announced on Tuesday its plan to acquire Skyware Global, a major US satellite terminal maker, in cash and shares for US$11.6 million.

The move would make Global Invacom the world leader in the manufacture of very small aperture terminals (VSAT), with plants in the US, Europe and Asia, the company said.

Last year, Skyware recorded revenue of about US$52 million.

Global Invacom plans to issue approximately US$6.6 million in treasury shares and enter into a cash earn-out model to pay Skyware up to a maximum of US$5.0 million.

Once completed, Skyware's owner Satellite Holdings LLC will hold 9.9 per cent (locked in for one year) of Global Invacom's issued share capital base of 282,402,299 shares.

The acquisition is subject to approval by the Singapore Exchange and Global Invacom shareholders.

Skyware is the second acquisition by Global Invacom since its listing on London's AIM market in July last year, which raised US$15 million in gross proceeds.

The company said the acquisition will make it the world's only full-service outdoor unit supplier, providing an extensive portfolio of products from antennas and electronics to accessories.