Engin lets go of its stake in Unwired for $25.1 million

By on
Engin lets go of its stake in Unwired for $25.1 million
Seven’s off-market take over, through NIH, will net Engin a total of $25.1 million.

Out of the $25.1 million, Engin will repay a debt facility of $21.1 million (comprising of a principal amount of $20.8 million plus capitilised interest of $0.3 million) that the Seven Network Group provided the vendor to fund the acquisition of the 19.8 percent stake in Unwired.

Engin first signaled its intention to accept NIH’s takeover bid for the ordinary shares in Unwired in mid-October 2007.

At the time NIH needed the full support of Engin’s shareholders in order to make 100 percent take over of the Australian-based WiMax spectrum provider.

Following the repayment Engin will receive $4.0 million.
Got a news tip for our journalists? Share it with us anonymously here.

Most Read Articles

You must be a registered member of CRN to post a comment.
| Register


What's your top marketing tactic for 2020?
Long lunches with customers and prospects
Content marketing to drive website visits
Social media
More use of CRM
Word of mouth
Online ads
View poll archive

Log In

Username / Email:
  |  Forgot your password?