Australian ISP iiNet sold for $1.4 billion AUS dollars

It’s mergers and acquisitions time Down Under; the latest Australian mega sale is that of established broadband provider, iiNet.

TPG Telecom, a Chinese owned corporation in Australia is paying an $8.60 AUS price per share, for the remaining stock of iiNet it does not yet own. The total cost of the acquisition is valued at $1.4 billion AUS, or about $1.07 billion USD.

By acquiring iiNet, TGP surpasses Optus to become the second biggest Internet provider in Australia.

ii-net

Prior to the offer, TPG had a market capitalization of $6.14 billion AUS, with iiNet valued at $1.11 billion Australian dollars. TPG will fund the takeover cost through the acquisition of extra debt.

Australian consumers are expressing their concern, regarding the potential of a drop in the quality of service and support.

For extensive coverage on the acquisition of iiNet, click here.


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