TeamTalk has upped its stake in its broadband wireless subsidiary, Araneo, to 93 percent, buying out former Araneo technical director Jon Brewer.
Brewer was also an Araneo director and left the organisation in December.
Previously, TeamTalk had held 67 percent of Araneo. It paid approximately $300,000 for Brewer’s stake, in the form of new TeamTalk shares and cash, according to a notice filed on the NZX website.
In the NZX statement, TeamTalk managing director David Ware says: “The increased stake signals our belief that wireless broadband is an important part of the telecommunications sector and we hope Araneo will be able to play a larger role within it.”
Araneo provides mobile broadband via wireless and microwave technology and specialises in connecting difficult, remote areas. It resells its products to several telecomms service providers, including TelstraClear, FX Networks and Iconz.