Craig Wireless Systems, a Canada-listed telecommunications company, has agreed to buy Woosh Wireless for $5.5m, which is less than the amount provided by its corporate venturing and other investors.
In a filing, Craig Wireless said it would own 51% of a new holding company, Woosh, with the latter’s current chairman, Rod Inglis, the remainder.
News provider National Business Review said Endeavour Capital’s New Zealand Australia Private Equity Fund, and Kuwait Finance recover a small portion of their debt, (as of June 2010, shareholders had advanced $22.38m to Woosh,) but "other long-time Woosh investors, including Todd Wireless, mobile phone operator Vodafone and US venture capital outfit Clarity Partners, seem set to miss out".
Woosh has raised about $120m since its launch in the late 1990s, National Business Review added.