iQSTEL announces MOU to acquire telecom Co.

Nov. 18, 2021 12:58 PM ETiQSTEL Inc. (IQST)By: Pranav Ghumatkar, SA News Editor
  • iQSTEL (OTCQB:IQST +1.4%) has entered into a MOU to acquire a telecommunications company in the VoIP and SMS space.
  • The target acquisition, Smartbiz Telecom, has an estimated $15M in annual revenue, with positive Net Income.
  • iQSTEL is setting an initial forecast of $75.5M annual revenue in Telecom Business Line for FY 2022.
  • The terms of the MOU outline iQSTEL acquiring a 51% controlling interest in Smartbiz Telecom for a sales price of $1M paid in iQSTEL restricted stock over a period of six months.
  • The acquisition is anticipated to close in early Jan., 2022.

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