Kordia privatises Orcon in sale to Hurst-led group

Mon, 15 Apr 2013

April 15 (BusinessDesk) - Kordia, the state-owned communications company, has sold internet service provider Orcon to a local business group led by Vivid Networks' Warren Hurst. The price paid in the privatisation has not been disclosed. The deal closed on Friday, the state-owned enterprise said in a statement today. Buyer interest in the ISP intensified in recent months, and Kordia signalled a pending announcement a month ago. The SOE bought Orcon in 2007 for $24 million. "Structural changes in the market place mean there are likely to b...

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