NetComm shareholders approve Casa Systems acquisition

By on
NetComm shareholders approve Casa Systems acquisition

Shareholders of networking equipment company NetComm Wireless have approved the sale to US-based Casa Systems for $161 million.

Announced to the ASX today, 86 percent of total votes were in favour of the acquisition, which constitutes 60 percent of shareholders. The acquisition remains subject to court approval, which will take place on Thursday 20 June 2019.

NetComm said shareholders will be entitled to $1.10 in cash for each NetComm share upon the acquisition’s approval.

The planned acquisition was first announced in February, after NetComm directors approved the sale.

The vote was delayed from the scheduled 7 June meeting due to shareholder unrest stemming from a 29 May ASX announcement. NetComm then called a trading halt before issuing a Further Supplementary Disclosure to secure shareholder approval.

Casa Systems bills itself as “pioneering advanced ultra-broadband 5G solutions for mobile, cable, fixed and converged service providers.” The NASDAQ-listed company has annual revenue of around US$300m and 700 staff in 11 nations.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © CRN Australia. All rights reserved.

Most Read Articles

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


How do you feel about Telstra's new services play?
Telstra has become a direct threat - we'll only work with other carriers
We can live with this - we'll still use Telstra networks
This is an opportunity for us - customers liked working with Telstra's sub-brands
This changes nothing - Telstra was always a competitor
View poll archive

Log In

Username / Email:
  |  Forgot your password?