A real estate and mining company has transformed its core business overnight into communications with a $201m deal to acquire interests in two companies involved in wireless telephony services in China and Russia. VDC Corp, based in Hamilton Bermuda, has bought a minority interest in a private company that operates wireless telephony services in China from PortaCom Wireless Communications Inc. It is also buying privately-held NovoComm Inc, which supplies wireless services in Russia. To complete its transformation, VDC changed its name to NovoComm. The company is paying $700,000 cash and 43.3 million shares for the two acquisitions. The market liked the transformation of the company and the shares rose 16% on news of the deal to $4.6256.
