US-based Craig Wireless lifts stake in Woosh Wireless to 75 percent

Tue, 25 Sep 2012

By Paul McBeth Sept. 26 (BusinessDesk) - US telecommunications company Craig Wireless Systems has lifted its stake in local internet service provider Woosh Wireless to 75 percent. The California-based company increased its interest in Woosh from 51 percent after acquiring additional equity held as treasury stock, Craig Wireless said in a statement. The US firm bought Woosh for US$5.5 million last year in a deal to satisfy $20.6 million of debt owed to then-investor Kuwait Finance House. "We are pleased to have increased our equity stake in...

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