KPN makes move to buy remaining stake in iBasis

Even in a weakened economy, Royal KPN N.V. sees the acquisition of wholesale voice provider iBasis as an expansion opportunity too good to pass up. This week Royal KPN N.V. made an initial move to increase its equity ownership to 100 percent in iBasis, a wholesale provider of international long distance telephony and retail prepaid calling services for mobile operators.

In a letter sent to iBasis' shareholders this week, KPN indicated it wants to put forth an offer to increase its equity ownership from 56 percent to 100 percent for $1.55 per share in cash. iBasis' board of directors said it will evaluate the proposed offer, but did not give any further details on a potential deal.

KPN and iBasis joined hands in 2007 when KPN decided to merge its international wholesale voice business (KPN Global Carrier Services) with iBasis. This combined company effectively managed KPN's wholesale voice network in Europe and Asia, and iBasis' network in the Americas and Asia.

For more:
- see the official release  

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