IDT Corporation Completes Sale of Fabrix Systems
October 08 2014 - 8:30AM
Business Wire
IDT Corporation (NYSE:IDT), a global provider of
telecommunications and payment services, announced today that it
has completed the sale of Fabrix Systems (Fabrix) to Ericsson. The
final sale price for 100% of the shares in Fabrix was $95 million
in cash, excluding transaction costs and working-capital and other
adjustments. IDT owned approximately 78% of Fabrix on a fully
diluted basis.
IDT’s share of the sale price, net of transaction costs, is
expected to be approximately $73 million in cash. IDT and other
shareholders have placed $13.0 million of their proceeds in escrow
to resolve any post-closing claims that may arise. Any unclaimed
escrow balance will be released in two tranches over a period of 18
months.
IDT was advised on the deal by Stifel.
The description of the transaction contained herein is only a
summary and is qualified in its entirety by reference to the
definitive agreement relating to the transaction, a copy of which
has been filed with the SEC as an exhibit to a Current Report on
Form 8-K.
Forward Looking
Statements:
All statements above that are not purely about historical facts,
including, but not limited to, those in which we use the words
“believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,
“target” and similar expressions, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. While these forward-looking statements represent our
current judgment of what may happen in the future, actual results
may differ materially from the results expressed or implied by
these statements due to numerous important factors. Our filings
with the SEC provide detailed information on such statements and
risks, and should be consulted along with this release. To the
extent permitted under applicable law, IDT assumes no obligation to
update any forward-looking statements.
About IDT Corporation:
IDT Corporation (NYSE:IDT), through its IDT Telecom division,
provides retail telecommunications and payment services to help
immigrants and the under-banked to conveniently and inexpensively
communicate and share resources around the world. IDT Telecom’s
wholesale business is a leading global carrier of international
long distance voice calls. IDT also holds a majority interest in
Zedge (www.zedge.net), a mobile content discovery and acquisition
platform, with one of the most popular Apps for Android and iOS.
For more information, visit www.idt.net.
Investor RelationsIDT CorporationBill Ulrey,
973-438-3838invest@idt.net
IDT (NYSE:IDT)
Historical Stock Chart
From Mar 2024 to Apr 2024
IDT (NYSE:IDT)
Historical Stock Chart
From Apr 2023 to Apr 2024