OLDS — The Town of Olds sold its municipally-controlled corporation O-NET to Telus Communications last November for $11 million, recently-released information shows.
The Town of Olds' chief administrative officer Brent Williams confirmed the price tag during town council’s April 28 meeting.
Olds Fibre Ltd, operating as O-NET, created about 11 years ago, was Canada's first community-owned fibre-to-the-home provider offering high-speed internet and phone services. Its creation made headlines across the country.
It was created by volunteer community members with Olds Institute due to concerns among local residents and businesses about access to high-speed internet and other issues.
Williams said the sale still left the Town of Olds with debt, which last year was estimated to be in the $3 million range.
He said the municipality plans to make “lump sum payments with the proceeds we have left over and service the remaining debt until what we expect to be the loan maturation date of 2031.”
