Mergers and Acquistions News
Categories: Telecoms
January 9th 2009, 16:13PM
Hello Telecom has acquired the hosted voice business and customers of TelNG in an all-share deal.
Under the terms of the contract Hello will issue 2.5 million ordinary shares to TelNG, meaning the deal is worth around £125,000.
As part of the transaction, the purchaser will acquire its own BT interconnect network, meaning it can make use of the national carrier's rate tariff and receive payment from BT for calls terminated on its network.
Ken Grundy, chairman of Hello, explained the deal makes the company "a full-blown telecom provider".
He said: "I firmly believe that Hello Telecom is now in a position to provide its customers, old and new, with telecom services at a cost level they have not previously been able to access."
The business will now be looking to make further acquisition, targeting companies with which it has synergy, Mr Grundy added.
Meanwhile, MTN's deal to acquire a majority stake in Verizon SA has been approved by regulators.
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