Globalive Communications Corp. Acquires Yak Communications Corp. for US $68.9 Million
Globalive Communications Corp., a leading provider of next generation telecommunications solutions globally, successfully completed its acquisition of all of the issued and outstanding shares of Yak Communications Corp., at a price of US$5.25 net per share for an aggregate purchase price of US$68.9 million. Yak Communications which, prior to the acquisition was a public company listed on NASDAQ, is an integrated communications provider offering a full array of long distance, local lines, travel cards, cellular long distance, data services and broadband voice (VoIP) services to residential and small businesses in North America. The acquisition was completed by way of a public cash tender offer by a wholly-owned subsidiary of Globalive to purchase all of the outstanding shares of Yak followed by a second-step reverse subsidiary merger.
Wildeboer Dellelce LLP acted as Canadian corporate and securities counsel to Globalive in connection with the acquisition with a team consisting of Troy Pocaluyko, Mark Wilson, Lisa Cunningham, Andrew Elbaz and Irene Kim (corporate/securities).
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