Look Communications Ogles Independent ISP
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[Toronto] Look Communications, Inc. this week moved to acquire InterPacific Online Inc., an Internet service provider based in Richmond Hill, Ontario.
InterPacific Online provides Internet access to more than 7,300 subscribers in the region. It is a full service ISP that offers both residential and business dial-up services, dedicated connectivity, ISDN access, and a variety of Web services including Chinese Web design, and intranet development.
David Parkes, Look Communications president and chief executive officer said it was actively seeking to purchase independent ISPs in order to expand its customer base.
"Acquiring independent Internet service providers is a key component of Look's growth strategy," Parkes said.
InterPacific Online is one of a handful of Chinese-based Internet access providers positioned among mainstream ISPs. It is the first official mirror site that was recognized by the prominent television and radio station owned by Hong Kong Government, Radio Television Hong Kong.
Look Communications is also a wireless broadband carrier, delivering a variety of communications services including digital television distribution, high-speed Internet access and Web-related services across Quebec and Ontario.
Look's Internet service, formerly known as Internet Direct, is available throughout Canada and has established itself as one of the region's largest independent service providers offering both high speed and dial-up Internet access, in addition to other Web-based applications.
The purchase price for the acquisition of InterPacific Online's assets will be partially payable in cash with the remaining balance funded by issuing limited voting shares of Look for $7.85. The transaction is subject to the final approval of the Canadian Venture Exchange.
The estimated total purchase price for the deal was not disclosed.