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.