Primus Telecommunications Group Inc. on Friday announced that its stockholders voted to approve its all-stock acquisition of Arbinet Corp.
Arbinet, which operates a Web-based platform that allows communications providers to buy and sell minutes of voice capacity, also revealed that its stockholders approved the acquisition three months after the companies disclosed the $28 million deal that Primus expects to add $300 million in annual revenues within its Global Wholesale Group.
Herndon, Va.-based Arbinet and McLean, Va.-based Primus expect the merger to close on Monday.
Under the arrangement, Primus shareholders will own 77 percent of the combined company while Arbinet shareholders will control the rest, Arbinet said in November.
Primus will release its fourth-quarter results on March 17. Through the first nine months of the year, the company reported net revenues of $575.8 million.
February 24 2018 @ 12:15:30 UTC