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| Company |
Code |
Released |
Type |
Headline |
| TeamTalk Limited |
TTK |
1 Oct, 2007, 16:46 |
ASSET |
TeamTalk takes majority stake in Araneo |
| Full Text of Announcement |
Listed telecommunications company TeamTalk has
announced that it has increased its investment in
last-mile telecommunications infrastructure provider
Araneo.
TeamTalk Managing Director David Ware said the deal
will see TeamTalk pay an undisclosed sum to lift its
shareholding from 33% to 55.9%.
Wellington based Araneo has been providing last mile
broadband and ultra high speed services to Internet
Service Providers (ISPs) since May 2004. These
services are used for high quality internet
connections, voice and video over IP, video
conferencing and inter company virtual private
networks (VPN) (www.araneo.net.nz)
"TeamTalk is particularly happy with Araneo's
performance since we became a shareholder a little
over a year ago", Mr Ware said. The company has
successfully entered the all-important Auckland market
and it has expanded its range of wireless and
microwave offerings with a range of new licensed band
services including New Zealand's first gigabit
(1000mbps) wireless links.
Furthermore the company provides an ideal bridge
between our wireless business at TeamTalk and the high
speed fibre optic based services of our subsidiary
CityLink.
Araneo Managing Director Jonathan Brewer was excited
about the development. "Araneo is a great
business and to be really successful in the New
Zealand market we needed a company with the financial
strength and resources of TeamTalk behind us", he
said. |
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