GigaMedia Sells ISP Business
By Staff
Taiwan-based online gambling software firm GigaMedia Limited has announced the sale of its legacy cable modem and corporate Internet service provider (ISP) business to China Network Systems for approximately $20 million in cash.

GigaMedia could also receive up to five million dollars over the next two years if certain performance benchmarks are met while the firm stated that it expects to record a one-time gain of around eight million dollars from the sale.

The unit was the last of GigaMedia's non-core assets it was attempting to dispose of in the wake of a strategic restructuring it began four years ago and the firm stated that it expects the sale to close shortly following customary regulatory approvals.

'The broadband ISP business was the final legacy of the old GigaMedia, a non-core asset we are happy to dispose of,' said Thomas Hui, President for GigaMedia.

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