Completes Strategic Restructuring Started Four Years Ago
TAIWAN – Online gambling software company and operator GigaMedia Limited has let go of the last vestiges of its former self as it disposed of its ISP business recently.
“The broadband ISP business was the final legacy of the old GigaMedia, a non-core asset we are happy to dispose of,” said GigaMedia President Thomas Hui.
The move was the final step in GigaMedia’s strategic restructuring which began four years ago when the firm decided to engage in online gaming.
The company sold its ISP business to China Network Systems for about US$20 million in cash. The agreement also expects GigaMedia to receive up to US$5 million dollars in the next two years should performance benchmarks be met. It also expects to record a one-time gain of US$8 million dollars from the transaction.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.