Internet service provider TPG will take a 70 percent controlling stake in competitor Chariot Internet.
Chariot has acquired several companies over the years and launched innovative products but it has been struggling. Recent legal action against the company and its directors on the part of regulators and other companies has resulted in fines, in addition to the August loss of Chariot’s managing director Robert Horlin-Smith.
Chariot will use some of the capital raised through today’s deal — initially worth AU$561,000 — to repay some debtors. It told the Australian Stock Exchange: “TPG provides Chariot with the potential for good growth and improved margins”.
