Infratil (NZE:IFT, ASX:IFT) terminated its agreement with HKT Trust that would have seen the company acquire an 80% stake in Hong Kong-based Console Connect, according to a Thursday filing with the Australian and New Zealand bourses.
Infratil said the conditions precedent to the agreement "have not been satisfied within the agreed timeframes."
In July 2023, Infratil disclosed the conditional agreement with HKT, under which it would buy an 80% stake in Console Connect for $160 million. Both parties also planned to jointly invest up to $295 million in Console Connect over a two-year period.
Infratil CEO Jason Boyes said: "We remain positive about the global connectivity sector, particularly next-generation software defined interconnection platforms like Console Connect has developed. We will continue to explore the sector."
Price (AUD): $12.62, Change: $+0.02, Percent Change: +0.18%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.