Internet service provider EFTel has acquired Sydney-based small business ISP Visage Telecom.
Melbourne-based Eftel will pay $225,000 in cash instalments for the provider, and a further $225,000 in shares, issued at 17.5 cents each.
Visage was owned by interests associated with John Beville, a Sydney former rich-lister and property developer whose fortunes took a turn for the worse last year as banks, who he owed $700 million to, seized his main asset, the Top Ryde Shopping Centre.
Eftel chief Scott Stavretis said he expected the deal to be complete in a month.
Established in 2000, Eftel is thought to have around 120,000 active customer accounts currently. It merged in 2002 with Perth network operator Datafast and again last year with ClubTelco.