A map shows the locations of iWeb's data centers
(WEB HOST INDUSTRY REVIEW) — Canadian web hosting provider iWeb Group (www.iweb.com) announced on Thursday that it has completed the privatization of its company.
iWeb announced that its amalgamation under a merger agreement was completed and its common shares were delisted from the TSX.
iWeb entered into the merger agreement with private equity and venture capital firm Novacap at the beginning of May.
The WHIR talked to iWeb chief financial officer Philip Tousignant last month about its proposed privatization deal.
According to the press release, each shareholder received one redeemable share for a cash consideration of $1.50.
The company will continue operation under the iWeb name.
iWeb was recently named to PROFIT’s annual list of the 100 fastest growing companies in Canada. iWeb was named the 52nd fastest growing company, its fourth consecutive year on the list.
About Nicole Henderson
Nicole Henderson writes full-time for the Web Host Industry Review where she covers daily news and features online, as well as in print. She has a bachelor of journalism from Ryerson University in Toronto, and has been writing for the WHIR since September 2010. You can find her on Twitter @NicoleHenderson.
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