Singapore's fibre broadband network builder OpenNet announced on Thursday that it is applying for approval with the authorities to consolidate its shareholding.

Its four shareholders - Canada's Axia NGNetworks Asia, SPH Net, SPT Net and SingTel Interactive - intend to sell their stakes to CityNet, trustee-manager of SingTel's business trust NetLink Trust.

The total cash consideration for the deal is $126 million.

OpenNet assures its customers that all its services to them shall continue and remain unaffected, during and after the Infocomm Development Authority's review of the joint application.