Mergers & Acquisitions ·
iQSTEL Inc. entered into a Binding Memorandum of Understanding to acquire a 51% controlling interest in Ultranet…
IQSTiQSTEL Inc
iQSTEL Inc. entered into a Binding Memorandum of Understanding to acquire a 51% controlling interest in Ultranet Telecom Group for a total consideration of $17.6 million. The payment consists of $7 million in initial cash and up to $10.6 million in contingent payments based on net income targets of $4.5 million in Year 1 and $9.5 million cumulatively over two years. The acquisition is expected to add approximately $130 million in annual revenue and $4.5 million in net profit, bringing the company's annualized revenue run rate above $500 million.