Recent Comindico buyer, SP Telemedia, has signed a preliminary agreement to sign over 50 per cent of its stake in the IP network to B Digital as part of an alliance between the two companies.
Under the proposed deal, SPT will gain a 30 per cent stake, or 240 million shares, in the B Digital (BBB) business, becoming its largest single shareholder. The telecoms services provider will also pay SPT an additional $13.75 million in cash.
In return, SPT will sell its telecoms resale subsidiary, Kooee Communications, to BBB, as well as half of its share in the Comindico business.
SPT purchased the assets of the failed IP network wholesaler last month. The deal was estimated to be worth between $26 million and $39 million.
In an ASX statement, SPT chairman, Rob Millner, said the new alliance with BBB would allow it to introduce a number of new products to customers, particularly in the mobile voice market.
BBB provides fixed line and mobile telephony services to approximately 510,000 customers Australia-wide.
"B Digital is an efficient and well managed company which can contribute positively to SPT in the billing and customer management functions," he said.
Similarly, B Digital managing director, Peter George, said the new agreement would give it the opportunity to branch out into VoIP and data services.
"There is minimal duplication or overlap of the SPT and BBB business operations as BBB is essentially a metropolitan based service provider concentrating on residential customers whilst the alliance will enable us to expand into rural and regional markets," he said.
The deal is subject to due diligence and shareholder approval.