Radiant Communications Acquired for $23.5 Million by Comwave

Vancouver’s Radiant Communications has announced it had entered into a takeover agreement with Comwave Networks.

Radiant is one of Canada’s leaders in providing dedicated business Internet communication solutions to companies across the country.

“This transaction will add continued momentum to Radiant’s position as a leading competitor in the underserved medium- and small-enterprise telecom market,” said Kelly Edmison, Radiant’s chairman of the board, in a statement.

Radiant Communications’ ownership had been in limbo over the past few months since Radiant’s two largest shareholders, Mazam Opportunities Fund LP and Pender Growth Fund (VCC) Inc., which collectively own 76 per cent of the company’s shares, made unsuccessful attempts to privatize the company.

A wholly owned subsidiary of Comwave Networks will take over Radiant Communications at $1.43 per common share as part of the agreement. Toronto-based Comwave is Canada’s largest privately owned telecommunications company and is Canada’s largest VoIP provider.