Engin lets go of its stake in Unwired for $25.1 million

Broadband phone vendor, Engin has accepted Network Investment Holdings (NIH), a wholly-owned subsidiary of the Seven Network Group, ordinary shares takeover of Unwired Group.

Seven’s off-market take over, through NIH, will net Engin a total of $25.1 million.

Out of the $25.1 million, Engin will repay a debt facility of $21.1 million (comprising of a principal amount of $20.8 million plus capitilised interest of $0.3 million) that the Seven Network Group provided the vendor to fund the acquisition of the 19.8 percent stake in Unwired.

Engin first signaled its intention to accept NIH’s takeover bid for the ordinary shares in Unwired in mid-October 2007.

At the time NIH needed the full support of Engin’s shareholders in order to make 100 percent take over of the Australian-based WiMax spectrum provider.

Following the repayment Engin will receive $4.0 million.