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IDT Sells British Subsidiary for 45 Million in Cash and Stock

IDT sold its London-based Toucan consumer phone-services business to Pipex Communications.IDT (NYSE: IDT) in Newark sold its London-based Toucan consumer phone-services business to Pipex Communications for $37.5 million in cash and $7.5 million in stock. Pipex in Stoke Mandeville, Britain, is a provider of integrated telecommunications and Internet solutions. Pipex is taking on Toucan’s customers and employees. IDT may continue to provide customer support and international connections for the business. Shares of IDT were down $0.23 to $14.05 in morning trading.

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