[99-12-21] Pacific Century Buys Into Australian Web Developer (Spike Networks)
By Staff, IT Daily.
HONG KONG, CHINA,
21 Dec 1999, 10:50 AM CST
Pacific Century Buys Into Australian Web Developer 12/21/99 HONG KONG, CHINA, 1999 DEC 21 (NB) -- By Staff, IT Daily. Pacific Century CyberWorks (PCCW) has bought into Australian Web development firm Spike Networks.
The deal will see Spike provide a range of Web design and development services, building initially on Spike's operations in Japan and the Asia Pacific region.
Although full details of the planned investment have not been released, PCCW will take a 30 percent share in the company, valuing its holding at A$23.3 million. Spike will value its share at A$54.5 million.
PCCW also has a two-year option to increase its stake to 50 percent for A$31.2 million. The Hong Kong broadband developer will also acquire a 5 percent interest in Spike through a placement of 4,661,576 shares at US$1.25 per share and a 12-month option to acquire an additional 10 percent of the share capital of Spike at $1.45 per share (its issue price on the initial public offering).
The joint venture will provide a range of Internet services, including Web site development and management, intranet and extranet application development, network management and strategic consulting.
PCCW aims to be the preeminent broadband Internet services provider in Asia, and currently has a market capital valued at US$11.03 billion, based on issued share capital.
Pacific Century CyberWorks is at pcg-group.com
Spike Networks is at spike.com.au
Reported by Newsbytes.com, newsbytes.com .
10:50 CST
(19991221/WIRES ASIA, ONLINE, TELECOM, BUSINESS/)
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