New Zealand telco Kordia has sold its Auckland-based internet service provider (ISP) Orcon to a group of private investors led by Vivid Networks director Warren Hurst for an undisclosed price. Online portal Stuff.co.nz reports that, under the new ownership structure, Hurst will be a director and will own 48% of the company. The remaining 52% stake will be held by a legal nominee company. So far Hurst has remained coy about the identity of his fellow shareholders, revealing only that they are a small group of private New Zealand-based investors who have been former investors in telecoms companies ‘and the wider ICT area in general’. Hurst is listed as a shareholder in Semple Investments, which registered the name Orcon Holdings Limited in February this year.
According to TeleGeography’s GlobalComms Database, in June 2007 Orcon was acquired by Kordia for NZD24.3 million (USD19.4 million). However, the new deal is thought to be worth in the region of NZD40 million, down from the original asking price of NZD60 million. Sources said that several potential buyers were approached privately by Kordia during 1H12, without success.