WINNIPEG – Craig Wireless Systems is selling half of its spectrum rights in Norway and New Zealand to Everest Wireless Partners I LP, a U.S.-based venture capital firm, for US $5.75 million.
Once all government and regulatory approvals have been obtained, expected to be by March 31, the licenses will be transferred into two new wholly-owned subsidiary companies, both of which are to be incorporated under the laws of the Cayman Islands.
"We are very pleased to announce this joint venture with Everest," said T. Boyd Craig, Craig’s co-CEO, in the press release. "The investment by Everest Wireless in our Norway and New Zealand spectrum assets demonstrates the relative stability of the value of our current spectrum asset portfolio in spite of the current condition of the global markets.”
Craig acquired the subject licenses in late 2007. The license for spectrum rights in Norway is for the use of 50 MHz of 2500-2690 MHz spectrum, and the license in New Zealand is for spectrum management rights relating to the use of 40 MHz of spectrum in two separate lots, in the 2500-2520 and 2620-2640 MHz (2.5 GHz and 2.6 GHz) bands.
