Cogent buys GDC voice business division for $1.3 million

The cash sale is expected to be closed in a week

Cogent has bought the voice business division of telecomms service provider GDC.

In an announcement to the stock exchange yesterday, GDC notes “the directors advise that they have entered into an agreement with Cogent Communications, a wholly owned subsidiary of OneSource Group, for the sale to Cogent of GDC’s voice solutions business.

“The consideration for the sale and purchase is approximately $1.3 million for the business’ fixed assets, inventories, work in progress and goodwill, net of accrued employee entitlements relating to employees who accept ongoing employment with Cogent.”

The cash sale is expected to be closed by February 20, the announcement notes.

GDC has fallen on tough times recently and late last year made 27 Auckland-based staff redundant, 25% of its headcount in the region.

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