Vox Telecom has confirmed that it is to buy Storm Telecom and Storm Internet, with effect from 1 December, for a total of R360-million.
Vox will acquire the entire issued share capital and claims on loan account in STWS Limited and its wholly owned subsidiaries, with the R360-million to be settled by a combination of Vox`s own cash resources, term loan facilities available to the company as well as a placement of Vox Telecom shares to the vendors.
Storm is one of the country's leading alternative telephony service providers, offering voice services via a variety of technologies including Voice over IP (VoIP), cellular least cost routing and international call back.
It also provides Internet services and is the fifth largest domestic ISP, with a sophisticated IP network providing internet access, hosting, virtual private networks and security services.
The company has more than 6 000 customers and receives a monthly annuity revenue of about R22-million per month.
Vox will integrate Storm`s telephony business into Orion Telecom, the corporate Internet business into DataPro and consumer ISP services into @lantic Internet Services.