FlowCom finds buyer
The AU$6.3 million deal will see iiNet take control of the Froggy dial-up and Flow ADSL customer bases.
"We are delighted to have achieved a positive outcome for creditors and employees within just five weeks of our appointment," said Phil Carter of PricewaterhouseCoopers. "The price we have negotiated reflects strong competitive interest expressed by a large number of major players in the telco industry throughout the sale process. We moved quickly to capitalise on this and to preserve the value of the Flow ISP businesses."
"I want to congratulate staff for their co-operation during a period of inevitable uncertainty," said Carter. iiNet have indicated it plans to retain most of the staff of Froggy and Flow. "They have ensured continuity of service to the 35,000 customers and helped us demonstrate to potential purchasers that the business has a sound future."
Froggy staff have already gone through one change of ownership when the company survived the crash of the Suleman empire.