Commander’s (ASX: CDR) telecoms business has been sold to a consortium of telco investors for an undisclosed sum.
In a statement, Commander receivers, McGrathNicol, said the Communications Telecom Group was a consortium of local and international investors from the telco field who specialise in information, communications and new media sectors.
According to statement, the sale will see more than 400 staff transfer across to the new owners.
The Commander Telecom Group is expected to continue with its existing core telecommunications product and services offerings as well as retain the Commander franchise model.
“This transaction concludes the sale of the core Commander businesses and represents an excellent outcome for the telecommunications business, with the majority of employees to be offered ongoing employment, and the requirements of Commander’s telecommunications customers continuing to be met by the new owners,” co-receiver, Peter Anderson, said in a statement.
The deal is due to be completed on or before December 5.
ARN understands a second bid, which failed, would have seen Commander’s carriage services transitioned over to Telstra, with the rest of Commander reverting to equipment and maintenance services.
The receivers said the sale process for Commander’s non-core assets continues and should be concluded within weeks.