Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

J2 Global snaps up more Zintel assets, agrees to buy NZ unit

J2 Global snaps up more Zintel assets, agrees to buy NZ unit for $7.3 mln cash

Aug. 23 (BusinessDesk) - J2 Global, the Nasdaq-listed, cloud-based communications and messaging company, has added to its acquisition of assets from Zintel Group, agreeing to buy its Zintel Communications unit for $7.3 million.

The deal closes today after NZAX-listed Zintel gained NZX exemption from requirements to make a pre-break announcement or gain shareholder approval for the transaction.

In February, Delaware-based j2 Global acquired Zintel’s Australian toll-free calling business for $15.3 million.

“Following the sale of our Australian business to j2 earlier this year, they are the natural home for the NZ business which also manages telecommunication services”, said Zintel chairman Nick Gordon. “We have previously indicated the possibility of further divestment and this now leaves us with one trading subsidiary, Commit Services Ltd.”

Shares of Zintel have soared 265 percent this year, with most of the gain coming since the company first disclosed j2’s interest in its assets with an offer for the Australian unit worth more than its entire market capitalisation at the time. They rose 9.5 percent 46 cents, valuing the company at $20.6 million.

The company’s Zintel Payments unit, which is not currently trading, is in the process of filing an action in the Supreme Court of New South Wales against VeriFone, which had terminated Zintel’s exclusive distribution agreement for EFTPOS terminals.

J2 shares fell about 1 percent to US$28.92 in the US and have gained 21 percent in the past three months.

(BusinessDesk)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.