iiNet

$70m Placement of AAPT’s 18.2% Stake and A$60m Acquisition of AAPT’s Retail Division

September 2010

In September 2010, iiNet completed the acquisition of the AAPT retail division for A$60 million, positioning iiNet as the clear leading challenger in the Australian telecommunications market. Simultaneously AAPT sold their 18.2% stake through an underwritten block trade for A$70 million to institutional investors.

The acquisition of the AAPT retail division represented over 250,000 total active services, and increased iiNet’s broadband market share to 15%. The divestment of AAPT’s 18.2% stake in iiNet to institutional investors increased iiNet’s free float with iiNet qualifying for entry into the ASX 300 index.

Azure advised iiNet, a longstanding client, on key 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 iiNet shareholder approval and completion.