Vantage Corp has announced the sale of 2.25 million shares in NASDAQ-listed independent internet access provider Pacific Internet (PacNet) to Connect Holdings for a total consideration of USD22.5 million. Under the deal, Vantage has also agreed to offload its remaining 1.63 million PacNet shares to Connect, should the new buyer seek such a move. Prior to the deal, Vantage Corp owned a total of 28.6% of PacNet. The sale is, however, subject to regulatory approval.
According to TeleGeography’s GlobalComms database, Pacific Internet or PacNet is an independent Asian internet communications service provider with a presence in Singapore, Hong Kong, the Philippines, Australia, India, Thailand and Malaysia. It was incorporated on 28 March 1995 as Sembawang Media and changed to its current name three years later before being converted to a public company, prior to its listing on NASDAQ in February 1999.