Techpacific to take 51% of Spike CyberWorks; PCCW pulls out

techpacific agreed to acquire a 51% stake in Spike CyberWorks as PCCW exits the joint venture.
Techpacific.com, an incubator and internet service company, said it plans to acquire 51% of Australian web development company Spike CyberWorks in a cash and stock deal worth about A$21.50 million $11.13 million. The acquisition will give Hong Kong-based techpacific access to the Australian and Japanese markets and will help boost Spike CyberWorks' presence in Hong Kong.

Techpacific agreed to issue about 100 million new shares to acquire the 30% stake in Spike CyberWorks currently owned by Hong Kong's Pacific Century CyberWorks PCCW. The shares will give PCCW a stake of roughly 4.5% in techpacific and dilute existing shareholders' stock by a corresponding amount.

At the same time techpacific...

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