📅 - Canadian Internet services wholesaler Tucows (tucowsinc.com) announced on Wednesday it has successfully completed its acquisition of Mailbank (mailbank.com), which does business under the name NetIdentity.
The transaction was worth approximately US$18 million, which Tucows paid in a combination of cash, promissory notes and the issue of approximately 3,603,000 shares of common stock to the stockholders of NetIdentity.
Based on Tucows' preliminary allocation of the purchase price, Tucows anticipates the acquisition will have a negative impact on GAAP earnings per share until 2008 but will be accretive to earnings before depreciation and amortization in 2006 and 2007.
As an accredited registrar with the Internet Corporation for Assigned Names and Numbers, Tucows provides Internet services and download libraries through a global distribution network of 6,000 service providers. This distribution network primarily consists of Web hosting companies, ISPs and other Internet related service companies.
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