SPT COMPLETES COMINDICO BUY, SELLS HALF

02 December 200 by Richard Chirgwin

Kooee Also Sold to B, Now 50% Owned by SPT

Let’s put this all together. SP Telemedia has completed the acquisition of Comindico, which sank when Cisco blocked funding which among other things would have bought more routers; it’s sold half of its resulting Comindico interest to B Digital, along with its Kooee business; and it’s bought half of B Digital, including a put and call option covering 19.6% of B Digital with Nordan.

In the washup, SP Telemedia gets the Comindico network, with PoPs in Telstra’s 66 call collection areas, a bunch of B Digital shares, and half of its purchase price for Comindico in cash.

The two companies have also signed a heads of agreement for a strategic alliance, which presumably means B Digital will run the consumer-facing business and hand traffic to SP Telemedia. It also means B Digital can expand beyond its mobile telephony base into full-service offerings.

SP Telemedia, in the meantime, will be able to keep services running for the ISP customers which were a mainstay of the Comindico operation.

Nordan Limited is an unlisted investment vehicle registered in New Zealand. It seems to have entered the Australian telecommunications industry some years ago as an owner of DigiPlus, which was sold to B Digital. A related company, Kildare Assets (also from New Zealand, and registered to the same director with the NZ Companies Office) was also an owner of DigiPlus.

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