CityNet to buy OpenNet subject to approval

The shareholders of OpenNet, the fibre broadband network builder of Singapore, plan to sell their stakes in the company to CityNet for SGD126 million (USD98 million). The four owners hoping to sell are Canada’s Axia NGNetworks Asia, SPH Net, SPT Net and SingTel Interactive. The proposed buyer, CityNet, is the trustee-manager of SingTel’s wholly owned subsidiary NetLink Trust. The deal is subject to approval from the Infocomm Development Authority.