EghtesadOnline: HiWeb, one of Iran’s largest Internet service providers, has signed a merger agreement with its archrival Pars Online.
The agreement was officially signed late Saturday by the two ISPs’ managing directors, Bourse Press reported. The unavailability of the deal’s financial details prompted stock market regulators to freeze HiWeb’s trading ticker in Sunday trade until further notice. HiWeb responded later in the day through a letter to the Securities and Exchange Organization that although the agreement was cemented by the two parties, its finalization depends on Communication Regulatory Authority’s approval, adding that the process could take up to a month. Accordingly, all financial details “will be publicized as soon as possible”. HiWeb signed a non-equity “partner market agreement” with Britain’s biggest mobile operator Vodafone last October, which is one of the most advanced ISPs in terms of investment in infrastructure and offers. The 4-trillion-rial ($100 million) ISP floated 10% of its shares through its initial public offering on TSE back in Sept. 13. Its stakes are currently priced at 4,795 rials per share.