Net263 Approved to Acquire US-based IT Firm iTalk
BEIJING, Nov 02, 2012 (SinoCast Daily Business Beat via COMTEX) --
The CSRC (China Securities Regulatory Commission) recently gave approval for China-based integrated communication services provider Net263 Ltd. (SZSE: 002467) to acquire US-based comprehensive internet service provider, iTalk.
In this April, a notice that Net263 was to acquire iTalk for USD 80 million in cash aroused market concerns. Half a year later, the company announced that the restructuring plan was approved by the CSRC.
According to the announcement, the company planned to acquire a 66.67% stake held by iTalk Holdings in iTalk Global and the 100% stake in DTMI, iTalkBB Canada and iTalkBB Australia via its wholly-owned network technology subsidiary at USD 80 million in cash. CNY 420 million of the acquisition will be paid in over-raised funds from IPO, and the remaining sum will be contributed in the form of proprietary funds. Upon the completion of acquisition, Net263 will take full control of iTalk.
Documents show that iTalk, registered in US as a comprehensive internet service provider, mainly provides VoIP business and IPTV agent service oriented to Chinese and other Asian groups in North America, owing a high popularity in North American Chinese groups.
Source: www.cs.com.cn (November 02, 2012)
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