A$105m Acquisition of Internode
On 22 December 2011, iiNet Limited announced the acquisition of Internode, Australia’s largest privately owned broadband services company, for A$105 million. The acquisition was funded from the issue of approximately 12 million shares to Internode’s founder, Simon Hackett, cash on hand and existing debt facilities.
Internode has a strong local brand based in South Australia and customers in all states and territories. iiNet’s position as the leading challenger brand in the Australian telecommunications market and “the new number 2 provider” of DSL broadband was strengthened by the acquisition of over 260,000 active Internet and phone services, including 190,000 broadband subscribers.
Azure advised iiNet, a longstanding client, 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.