The Seven Network is currently in the process of taking over wireless broadband provider ‘Unwired’ in a transaction that’s believed will push the value of the purchased company up to $127 million. After trading was halted yesterday, along with Seven’s recent 19.8% acquisition of Unwired, it was highly speculated that Seven would in fact take over the company as a 20% stake in shares was all that was required.
Under the terms of the deal, announced to the Australian Securities Exchange today, Seven said it would pay at least 45c per share for Unwired, but the value of the offer will rise to 50c per share if Seven grabs at least 90 per cent of Unwired’s stock.
Unwired currently holds a spectrum licence to operate WiMax wireless broadband services in major capitals around Australia.
Read the entire article at AustraliaIT.com.au
