S P Telemedia Limited (ASX:SOT) announced today that it had acquired Comindico Holdings Pty Limited from the Cisco appointed receivers, McGrath Nicol, for just $27.5 Million, less than 10% of the estimated $400 million it cost to build the IP network.

What's more, the cash spent by the extremely cashed up SOT will be offset by the cash and shares it receives from its alliance deal, announced yesterday with voice services provider, B Digital (ASX:BBB). Under that agreement, BBB will buy 50% of the Comindico assets for $13.75 million cash plus SOT's telecommunications resale business, Kooee Communications, for 240 million BBB shares, which at the time of the announcement were just over 40 cents, but have since risen to 46 cents.

SOT shares closed unchanged at $2.15 in brisk trading.