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December 11, 1997updated 03 Sep 2016 8:08pm


By CBR Staff Writer

Winstar Communication Inc, the wireless local exchange carrier based in New York, is to buy Goodnet, a wholesale internet service provision business, for an aggregate value of $22.5m. The target is currently loss making with annualized revenues of $8m which are forecast to double next year. Winstar is developing a business telecoms services, using 38GHz local radio links, and one of its core offerings is going to be high speed internet access. Goodnet is currently 71% owned by Telesoft Corp, which will receive $3.5m in cash and $12.1m in Winstar stock. The transaction has been approved by the boards of all companies concerned and is expected to close in early January 1998.

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