Hong Kong-listed Netalone.com has agreed to acquire a 5 per cent stake in a broadband technology provider for $40 million, which will be settled by a combination of cash and new shares.
'We are still working out the portions of cash and new shares,' said William Lo Wing-yan, chairman of Netalone.com.
Mr Lo said he would join the board of the solutions provider, DigiTel Group, as non-executive director after the acquisition.
DigiTel, founded in 1996, principally engages in provision of system-integrated solutions.
It provided technology for a fibre-optic network project for an energy company in Shunde city, Guangdong, chairman Lee Chuen-bit said.
Last month, the company launched a broadband application service-based portal, aimed at offering solutions to clients in the Greater China region, he said.
Mr Lee declined to disclose how much revenue the company had generated.
