ASX-listed carrier New Tel has announced a takeover bid for all the issued capital of suspended infrastructure provider Cable & Telecoms (C&T), in an effort to expand its range of telephony, data and media services.
New Tel is offering one share plus half an option for every C&T share, with specific interest being expressed in C&T's principal asset, an 80 per cent interest in interactive television provider Total Television Limited (TTL).
TTL, a joint venture company with UK-based broadband solutions provider for interactive television Yes Television, holds an exclusive licence agreement for Australia and New Zealand to deploy technology services and selected content of Yes Television. It currently holds an agreement with infrastructure provider TransACT to offer TransACT customers video-on-demand, which New Tel plans to expand.
"With national, international, local, mobile, Internet and data services currently provided by New Tel, we will now offer customers the unique Total Television product, as well as the use of video teleconferencing facilities available via the Yes platform, through our national telecommunications carrier network facilities," said New Tel's managing director and CEO, Peter Malone.
"New Tel's existing 176,000 customers will be one of the first target audiences for these products and services, and the company will use its telecommunications, marketing and sales expertise to further develop the customer base for both telephony and media products and services."