Beleaguered Spike Cyberworks has entered into a funding deal with Techpacific.com, which will invest AU$11 million into the struggling Internet company.
The deal also reveals the current owner PCCW is lessening its grip.
Hong Kong technology business Techpacific.com will take over Pacific Century CyberWorks' (PCCW) 30 percent shareholding in the company.
According to a company statement, "PCCW will receive new shares of techpacific.com, maintaining an indirect interest in Spike CyberWorks."
Techpacific.com will increase its shareholding in Spike CyberWorks to 51 percent once the deal is finalised.
Spike issued a trading halt on shares earlier this week, ahead of signing a 'heads of agreement' with techpacific.com and PCCW.
