Seven Group Holdings Ltd. (SVW), the media investment company controlled by billionaire Kerry Stokes, rose to a four-month high in Sydney after agreeing to sell its Vividwireless Internet unit for A$230 million ($248 million).
Seven Group climbed 5.7 percent to A$8.56 at the close of trading in Sydney, the highest level since Oct. 11.
Optus (ST), a unit of Singapore Telecommunications Ltd., agreed to buy Vivid to gain Australian wireless spectrum for faster mobile services and help it compete with larger rival Telstra Corp. (TLS) Seven expanded its Internet products in 2007 when it agreed to buy Unwired Group for A$114 million.
“This sale recognizes value for the investment we’ve made in Vividwireless,” Seven Group’s Chief Executive Officer Peter Gammell said in a statement today.
Seven Group’s other investments include about 32 percent of Seven West Media Ltd (SWM)., owner of Australia’s most-watched television broadcaster, and a 24 percent stake in Consolidated Media Holdings Ltd. (CMJ)
The company also owns WesTrac Group, a Caterpillar Inc. dealer in Australia and northern China.
To contact the reporter on this story: David Fickling in Sydney at email@example.com
To contact the editor responsible for this story: Neil Denslow at firstname.lastname@example.org