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.