MetroBridge Networks buys assets of Utah Broadband

MetroBridge Networks International Inc. has acquired the assets of Utah Broadband LLC, a Salt Lake City-based company that delivers broadband wireless access to customers in six counties across the Wasatch Front.

MetroBridge — based in Vancouver, British Columbia — said Tuesday that the purchase price is comprised of $4.1 million in cash, plus 3.1 million MetroBridge shares priced at 45 cents per share. The shares issued will be escrowed for a minimum of 12 and a maximum of 15 months.

Utah Broadband chief executive officer Steven McGhie said joining MetroBridge will allow his company to expand its "reach into the commercial marketplace." MetroBridge is a fixed wireless provider whose customers include police and 911 services, the financial industry, retailers and other businesses.