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Tag: iinet
iiNet recommends TPG's increased A$1.9bn takeover bid
2015-05-06 02:00:00| Total Telecom industry news
Australia to get stronger competitor in fixed broadband market; iiNet brand will be retained.
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iiNet weighs up offers from two suitors, calls for higher bid
2015-04-30 02:00:00| Total Telecom industry news
Australian ISP mulls A1.4bn cash offer from TPG and A$1.6bn bid from M2; gives former three days it raise its price.
M2 makes rival bid for iiNet
2015-04-27 11:20:00| Telecompaper Headlines
(Telecompaper) Australian telecommunications services group M2 confirmed it has submitted to Australian ISP iiNet an indicative, non-binding and confidential proposal to acquire 100 percent of iiNet. Under M2's proposal, iiNet shareholders would receive 0.803 M2 shares per iiNet share, plus AUD 0.75 cash per iiNet share by way of a special dividend paid to iiNet shareholders. This beats an earlier offer from TPG Telecom for iiNet worth AUD 8.60 per share, plus the AUD 0.105 dividend owed iiNet shareholders. M2's offer is worth in total AUD 1.6 billion, while TPG's values iiNet at AUD 1.4 billion.
TPG to buy iiNet for AUD 1.4 billion
2015-03-13 08:36:00| Telecompaper Headlines
(Telecompaper) Australian carrier TPG Telecom has agreed to buy rival iiNet for AUD 1.4 billion. The offer price of AUD 8.60 per share, plus the AUD 0.105 dividend owed iiNet shareholders, is a 33 percent premium on iiNet's last trading price before the announcement. TPG said the two operators had complementary businesses in terms of geographic presence, market segments and corporate customer base. Together they will serve over 1.7 million broadband customers in Australia. TPG will finance the deal with external debt and see its net debt rise to 3.1 times EBITDA after the takeover. The acquisition remains subject to approval by iiNet shareholders, expected in June, and the takeover is expected to close in July.
iiNet buys Adam Internet for AUD 60 mln
2013-08-05 02:11:00| Telecompaper Headlines
(Telecompaper) Australian ISP iiNet will acquire South Australian ISP Adam Internet for AUD 60 million. Rival Telstra earlier tried to acquire Adam Internet but the company could not satisfy the requirements of the Australian Competition and Consumer Commission (ACCC) before the deal expired at end-June this year. Adam Internet has around 70,000 broadband subscribers and revenues in FY 2014 are expected at AUD 55.0 million and EBITDA at AUD 11.5 million. The completion of the acquisition is expected by 31 August as the ACCC has already cleared the transaction.