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Excite@Home sells Australian stake

Broadband Internet access provider Excite@Home on Tuesday said that it has sold its stake in Excite@Home Australia, one of the company's overseas units. Optus, a major Australian communications carrier and Excite@Home's partner in the joint venture, agreed to buy the interest. Excite@Home also has restructured the terms of its relationship with Optus to reflect the new ownership stakes, the company said. Excite@Home, short on cash and seeking additional funding, has sought the sale of certain assets in recent months.

Broadband Internet access provider Excite@Home on Tuesday said that it has sold its stake in Excite@Home Australia, one of the company's overseas units. Optus, a major Australian communications carrier and Excite@Home's partner in the joint venture, agreed to buy the interest.

Excite@Home also has restructured the terms of its relationship with Optus to reflect the new ownership stakes, the company said. Excite@Home, short on cash and seeking additional funding, has sought the sale of certain assets in recent months.