Look announced Tuesday the sale, which is subject to approval by both the Ontario Superior Court of Justice and the federal government, is worth a total of C$80 million. All figures are in Canadian currency, which was worth $0.85 U.S. cents at press time.

Look said it will "wind down operations over the course of the next 90 days."

In the meantime, Look plans to pay Inukshuk all revenues it collects on the digital subscriber line (DSL) Internet service it resells from Bell Canada. That is part of a deal which will end litigation started in April, 2007, when Bell notified Look it would terminate its service.

The deal announced Tuesday will require Look to pay Bell $16 million.

The first $20 million from Inukshuk is due to Look when the court approves the sale. The next $30 million is due Dec. 31, 2009 and the final installment is due either three years after the close of the sale or upon regulatory approval, whichever comes first.