Craig Wireless Systems, the Californian telecommunications company, has agreed to buy Woosh Wireless for US$5 million ($6 million), purchasing the local company's debt to make a call on the assets.
A Craig Wireless subsidiary will assume major investor Kuwait Finance House's loan for about US$5.5 million.
Woosh executive chairman Rod Inglis will put up US$500,000 to participate in the takeover and continue in the new team management.
