AOL’s Australian joint venture AOL|7 has been bought out by Primus Telecom. AOL will grant Primus, under license, the exclusive right to operate an AOL-branded ISP in Australia. There would be no disruption to service for AOL members.
AOL|7 was a joint venture between America Online, AAPT Limited, a unit of the Telecom New Zealand Group, and Seven Network.
Seven said it expected to receive cash funding of more than AUS $23 million for the sale, slightly less than the current book value of its interest in AOL/7. AAPT said it would receive around AUS $7.5 million in cash for the sale of its share.
Also read, “Primus to acquire AOL|7“
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