TeamTalk shareholders approve Farmside purchase for up to $42M

Tue, 11 Dec 2012

Dec. 11 (BusinessDesk) - Shareholders of TeamTalk, the owner of the CityLink fibre-optic broadband service, have voted in favour of the acquisition of Farmside Group for up to $42 million to extend its reach into rural areas. The Wellington-based company has agreed to buy Farmside for an upfront payment of $19 million in cash and $12 million in TeamTalk shares, with an additional $7 million cash and $4.1 million in scrip in potential earn-outs over the following 12 months. Farmside will operate as a subsidiary of TeamTalk and continue to be...

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