Telecommunications provider, One.Tel announced last week that Kerry Packer's Consolidated Press Group has acquired 16.3 million One.Tel shares at the price of $2.90 per share.
Some 15 million shares were bought from FAI General Insurance and the remaining 1.3 million were acquired from interests associated with One.Tel chairman John Greaves.
Officials said FAI's CEO Rodney Adler and the company had been a supporters and investors of One.Tel since the telco founded in 1995.
Acquired on Friday, officials said the shares are subject to pre-emptive rights, outlined in the One.Tel prospectus, in favour of the parties including the Packer family.