RoW Short Takes
News | 01/20/2003 5:00 am EST
UBS and Craig take stakes in Look Communications
Unique Broadband Systems Inc. (UBS) and Craig Wireless International have purchased significant ownership stakes in Look Communications Inc. UBS bought a 20% stake in Look for approximately $2.4 million, while Craig purchased about 30% of Look for nearly $2.9 million. UBS and Look had previously tried to complete a deal last year (RoW, Aug. 19/02). Under that deal, UBS was to have invested $5 million in Look for a 9% stake. UBS could have increased its stake to 23% if it converted a debenture. However, that deal was pulled off the table last year. The UBS transaction was completed through a private placement. Craig is seeking to acquire a further ownership stake in Look, but that needs CRTC approval.