Pentanet Limited (ASX:5GG) entered into a memorandum of understanding to acquire 13.4% stake in Canopus Networks Pty Ltd for AUD 4 million on December 20, 2021. The transaction will be funded from Pentanet's existing cash reserves. Pentanet is entitled to appoint one Director to the Canopus Board while it holds at least a 10% stake in CANOPUS.

As part of the transaction, Pentanet's Managing Director, Stephen Cornish will act as Director of CANOPUS. The transaction is expected to complete on or around December 24, 2021.