TORONTO, Nov. 9, 2018 /CNW/ - TeraGo Inc. ("TeraGo" or the "Company") (TSX: TGO, www.terago.ca), today announced that TeraGo Networks Inc., a wholly-owned subsidiary of TeraGo has closed its previously announced acquisition of Mobilexchange Spectrum Inc. ("Mobilexchange") and Mobilexchange Spectrum Holdings Inc. for aggregate cash consideration of $5.7 million.
Mobilexchange is the holder of six 24 GHz spectrum licences in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver. The deemed transfer of each of the six licences received regulatory approval by Innovation, Science and Economic Development Canada ("ISED") on November 1, 2018.
TeraGo owns a national spectrum portfolio of exclusive 24GHz and 38GHz wide-area spectrum licences including 2,120 MHz of spectrum across Canada's 6 largest cities. TeraGo provides businesses across Canada and internationally with cloud, colocation and connectivity services. TeraGo manages over 3,000 cloud workloads, operates five data centres in the Greater Toronto Area, the Greater Vancouver Area, and Kelowna, and owns and manages its own IP network. The Company serves over 3,000 business customers in 46 major markets across Canada including Toronto, Montreal, Calgary, Edmonton, Vancouver and Winnipeg. TeraGo Networks is a Competitive Local Exchange Carrier (CLEC) and was recognized by IDC as a Major Player in MarketScape Cloud Vendor Assessment. TeraGo Networks was also selected as one of Canada's Top Small and Medium Employers for 2017.
For more information about TeraGo, please visit www.terago.ca.
SOURCE TeraGo Inc.
For further information: TeraGo Investor Relations: Dennis Fong, LodeRock Advisors Inc., Telephone: 1-416-282-9930, Email: [email protected]