Field Solutions Holdings' (ASX:FSG) receivers and managers, Rob Smith and Matthew Hutton, said that a binding agreement to sell the firm's TasmaNet business and assets was executed with Comms Group (ASX:CCG) for a purchase price of AU$10 million, according to a Friday Australian bourse filing.

The sale will result in the transfer of the TasmaNet business and parts of Field Solutions' mainland managed services business to Comms Group on a going-concern basis.

The deal includes the sale of a fixed wireless broadband network in Tasmania, a high-capacity fiber optic network with network facilities in Hobart and Launceston, private cloud assets in both Tasmania and mainland Australia for government and corporate clients, as well as data center assets across Australia.

It will also include the transfer of 30 Field Solutions employees, and is expected to be completed before the end of the month.

Comms Group will conduct an institutional placement and underwritten non-renounceable entitlement offer at an offer price of AU$0.050 per new share to raise a total of around AU$7 million to fund the deal, a separate Australian bourse filing showed.

The institutional placement will raise around AU$4.8 million, and the entitlement offer will raise around AU$2.2 million at a ratio of one new share for every nine existing shares held as of May 21.

Comms Group also signed a AU$10.7 million senior debt facility agreement provided by Regal Partners' (ASX:RPL) Regal Funds Management unit, with AU$4 million to fund the deal and an additional AU$6.7 million to refinance the existing senior financier.

The receivers are also conducting a dual-track sale process for Field Solutions' Mobile Tower assets and Fixed Wireless business, via expression of interest sale campaigns.

Comms Group's shares fell 5% in recent Friday trade, while Regal Partners' shares jumped almost 5%.