A$60m Acquisition of Adam Internet
On 5 August 2013, iiNet Limited announced the acquisition of Adam Internet, a South Australian privately owned broadband services company, for A$60 million. The acquisition consideration was paid in cash, funded by a drawdown of iiNet’s debt facilities.
Based in Adelaide, Adam Internet has approximately 70,000 broadband subscribers located primarily in South Australia. The acquisition grew iiNet’s total customer base to 900,000 broadband subscribers and included a range of key South Australian business and government clients consuming data-centre, hosting and cloud services.
Azure advised iiNet on all aspects of the acquisition from assessment and valuation of the opportunity to the structuring, due diligence and negotiation of the business sale agreement, through to completion.