Internet service provider Eftel has bought Sydney-based ISP Visage Telecom.
Melbourne-based Eftel will pay $225,000 in cash instalments for the provider, and a further $225,000 in shares, issued at 17.5 cents each.
Visage was owned by interests associated with John Beville, a former Sydney rich-lister and property developer whose fortunes took a turn for the worse last year when banks seized his main asset, Sydney's Top Ryde Shopping Centre, in pursuit of some $700 million in debts.
Eftel chief Scott Stavretis said he expected the deal to be complete in a month.
Established in 2000, Eftel is thought to have around 120,000 active customer accounts. It 2002 it merged with Perth network operator Datafast and again last year with ClubTelco.
The company has continued a strategy of growth through acquisition, buying sub-wholesaler Platform Networks last year, and West Australian Networks in June this year.
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Issue: 315 | May 2013
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