Broadband service provider Pipex has appointed an investment bank to sell off its remaining assets following the buy-out by fellow ISP Tiscali.

UBS has been appointed by the company to sell off the assets after Pipex recorded a loss for the first six months since the acquisition by Tiscali started, the Independent reports.

The residual Pipex business currently includes a web hosting unit and a wireless broadband joint venture with Intel built around the WiMAX standard. Pipex recorded a loss of more than £8.5 million in the first six months of 2007.

Pipex founder and chairman Peter Dubens told the publication that he his looking for a single bidder for the hosting businesses but will float the wireless section.

Tiscali bought Pipex earlier this year for £210 million, adding an estimated 500,000 customers to its market base.


Thursday, 27th September 2007

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