Philippine cellco acquires Blue Ocean Wireless stake

21 Aug 2007

Smart Communications has purchased a 30% stake in Blue Ocean Wireless (BOW) for $15.9 million, valuing the latter at more than $55 million.

Smart, through wholly owned subsidiary SmartConnect Holdings, will acquire a combination of primary and secondary shares in BOW. Smart also has an option to acquire a further 19% in the company, exercisable within the next three years.

Apart from investing in BOW, Smart will provide GSM network facilities and call/text terminations for the BOW global merchant maritime service. Smart will also become a major reseller of BOW SIM cards and prepaid value cards.

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