Pipex shareholders approve acquisition by Tiscali

The official notification states that: Pipex Communications plc, a major provider of telecommunications and internet solutions including broadband, voice, web hosting and network services, announces that at today’s Extraordinary General Meeting shareholders voted in favour of authorising the disposal by the Company of certain of its subsidiaries comprising its broadband and voice division to Tiscali UK Holdings Limited, and to the alteration of the terms applying to certain bonds issued by Pipex Finance (Jersey) Limited, which is a subsidiary of the Company, and the redemption of such bonds.

Before proceeding, the deal must still gain final regulatory approval but no difficulties are anticipated. It is still not clear what will happen to the service of Pipex customers following the acquisition. It is understood that Tiscali intends to move related customers onto its own platform.

Pipex is one of the last big independent broadband providers still to be operating in the UK.