Red Cube goes west
The Swiss Internet Protocol (IP) company, Red Cube, has bought a majority stake in US voice/data group I-Link for a total of $80 million (SFr140 million) in shares and equity options.
“Under the terms of the transaction, Red Cube, will pay Winter Harbor $60 million in cash and $20 million in long-term Red Cube share options in return for its majority stake in I-Link,” Red Cube said in a statement on Wednesday.
“With this transaction, Red Cube and I-Link together will be the market leaders in the three core areas of the exploding IP-market: the largest IP-based, global network and footprint; cutting-edge and standard-setting network technology that enables network and enhanced voice/data services; and products and services that for the first time realize the convergence of IP, IT and content for corporations and business professionals,” said Niklaus Zenger, chairman and chief executive of Red Cube.
Red Cube is not yet publicly listed, but said in June it expected to float its shares on the Swiss Exchange within 12 months.
Headquartered in Draper, Utah, I-Link is an enhanced voice/data service provider, employing more than 200 staff.
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