Microsoft and Cisco have separately bought a total of $17.5 million worth of shares in Internet access company, High Speed Access, which is backed by Microsoft co founder, Paul Allen.
High Speed Access provides Internet access to users via cable modems and attracted investments by the two industry giants after its initial public offering (IPO) on Thursday, which was priced at $13 a share - the top end of the firm's expectations of between $11-13 each. Microsoft said it will buy $10 million worth of stock, while Cisco will pump $7.5 million into the firm in return for shares.
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