Feeds

Craig Wireless splashes $US5.5m on Woosh

Buys Kiwi ISP

Secure remote control for conventional and virtual desktops

New Zealand wireless ISP, Woosh, has been snapped up by Californian headquartered telecommunications company Craig Wireless Systems for $US5.5m.

Under the deal, Craig Wireless subsidiary Craig Wireless South will take on Woosh’s debt from investors Kuwait Finance House, New Zealand Australia Private Equity Fund, and Bridge Ltd.

Woosh chairman Rod Inglis will also take part in the acquisition by contributing $US500,000 of the total purchase price.

Following the completion of the deal, CW South will hold 51 per cent of Woosh, whilst Inglis and his affiliates will retain the remaining 49 per cent of the company’s equity. Original stakeholders Clarity Partners, Todd Wireless and Vodafone New Zealand will not be part of the new shareholding structure.

Craig Wireless said in a statement (PDF) that after the closing of the acquisition, all of the remaining assets, business and employees of Woosh will be transferred to CW South.

The newly formed company will continue to operate the Woosh business with Inglis taking on a management role in the business. "Upon completion of the transaction and realization upon the Advances, Craig expects that it will have expanded its spectrum holdings, have organized an operating wireless business that it believes is well positioned in the New Zealand market and recognize revenue and have in place an experienced and effective management team, ” said Boyd Craig, CEO of Craig Wireless.

The New Zealand acquisition expands the CWS Group’s international footprint. Craig Wireless holds or leases licenses for spectrum in Southern California, United States, Norway and in Greece.

The company had a significant windfall earlier this year after selling its Canadian spectrum assets for $US20.5m. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.