SaskTel announced that it has reached an agreement with PFM Capital Inc. (on behalf of a group of investors) for the sale of Hospitality Network Canada Inc. (HN) assets. The sale price net of working capital adjustments is $36.6 million.
"SaskTel is pleased with this agreement and that the new owners have indicated they will continue to have HN's head office in Regina," said Ron Styles, SaskTel President and CEO. "SaskTel will continue to focus on our core business of providing Saskatchewan residents with leading edge communications services."
"The outcome of the sale process represents one of the best scenarios for our company. I am pleased that there will be continuity in both our head office location and with our employees," said Doug Jesse, HN President and CEO. "As a result there will be no impact to our customers. I appreciate the opportunity to continue to lead HN, along with PFM and the Founders Group. The stability of our core business and the exciting growth opportunities position us very well for continued success."
