SkyPort Global Communications Inc. and RAMTelecom Inc. agreed to terminate the proposed acquisition of RAMTelecom by SkyPort, the companies announced May 22.
SkyPort signed a letter of intent in February to purchase RAMTelecom Inc. and had expected to complete the deal before the end of May. The companies have agreed to explore more partnership opportunities.
“We recognize the common synergies between the two companies and strengthening the existing business-to-business relationship will help us expand our satellite-based business communications services,” Ralph Misener, CEO of RAMTelecom, said in a statement.
“Our relationship with RAMTelecom is strong, and we wish to continue to grow it through our partner program,” Patrick Brant, president and CEO of SkyPort, said. “There are many complimentary aspects between our two companies and we look forward to working with them.”